Benefits Package definition
Anything other than basic pay provided to an employee as part of their remuneration. Benefits can be very diverse and depend on the organisation, but often include a pension scheme (where the employers provide a matched contribution to the pension fund), gym memberships, private medical insurance and life assurance.
As employers become more involved in wellbeing initiatives and see the business value in keeping their employees healthy, benefits increasingly include gym memberships, fresh fruit and drinks, the Bike2Work scheme and counselling services.
Some benefits are taxable, most commonly private medical insurance.
The overall benefits package may vary depending on the length of the employee’s service, their seniority and their role.