What is Benefits ?
‘Benefits’ or ‘Benefits Package’ refer to the additional compensation an employee gets apart from the salary. These benefits might be either required by law or provided by the employer voluntarily to appease the employees.
While benefits make a job more attractive to a candidate, it also motivates existing employees to work harder. The overall benefits would be based on multiple factors like tenure and seniority of the employee, etc.
Similarly, the benefits vary a lot ranging from stipulated benefits like medical insurance, pension fund contribution, dental and vision-related benefits to lavish benefits like paid vacations, free childcare, gym memberships, etc.