Benefits
Benefits are non-salary forms of compensation given to you by your employer. There are four typical kinds of benefits you will receive: 1) Medical insurance, 2) Paid vacation time and paid holidays, 3) Paid personal time, and 4) Bonuses. Other forms of benefits can include the use of a company car, payment for all required travel, the use of company facilities such as tennis courts or foosball tables, having the company provide additional money for your long-term savings plans and more. Sometimes these benefits can add up to many thousands of dollars per year and the benefits “package” offered to you by an employer should be considered when you are looking at the overall pay for a specific work position.
Medical insurance is often paid for, or partially paid for, by the company. Even if you have to pay your own, being an employee of the company may offer you the opportunity to get on a health insurance plan with low rates.
Paid vacation time is usually one week per year to start with but can go as high as six or more weeks depending on the job offer. It means that will still receive pay as if you were working even when you are on vacation. You also get paid on days when the company itself is closed for national holidays.
Paid personal time is very similar to paid vacation time. Whereas vacation time in usually planned in advance, personal days are taken whenever you need them. Typically there are three to four such days offered to you per year when you start and, as with paid vacation days, the number usually increases with each year you are employed by the company.
Bonuses are cash rewards you receive in addition to your regular pay. They are often given only once a year if at all. Although uncommon in most companies, they can range from just small extra amounts you might receive around certain holidays up to several million dollars per year based on your job performance.
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Benefits
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