Employee benefits are services and offers that can save you lots of money in the long run, especially in terms of health and wellbeing, health care, absence and parental leave, disability and illness, retirement, and more. Part-time employees and full-time employees can experience the advantages of these services for a small fee taken out of their salary each month, or for a portion of their taxable income. Because prices are often lower in an employee benefits plan than buying these individual services yourself, it’s important to understand how you can leverage these plans to work for you.
Your employer can offer you benefits in addition to paying you salary. Because employee benefits make a company more profitable and popular, most employers agree to work with a benefit provider to make these options available to their employees.
Not only are these employee perks cheaper than individual personal plans, but signing up can actually decrease your taxable income since the benefits deduction comes out of your wages (pre-tax basis). This can result in more total compensation and less spending, as well as saving you numerous out-of-pocket expenses.
The most common employer plans include health, dental, life, vision, retirement, and disability insurance. Ask your employer for details on what plans they offer and how to sign up.