What are additional perks offered to employees beyond their salary called?

The term "benefits" refers to additional perks offered to employees beyond their base salary. These benefits can include a variety of non-wage compensations such as health insurance, retirement plans, paid time off, and other forms of support that contribute to the overall well-being of employees.

Offering benefits is an essential part of attracting and retaining talent in the workforce, as they enhance an employee's total compensation package. The concept goes beyond just direct financial remuneration, emphasizing the importance of workplace support and resources that can lead to greater job satisfaction and productivity.

Understanding the distinction between salary, which is a direct payment for employment, and benefits, which are supplemental provisions, is crucial in financial literacy and navigating the job market.