The total salary and retirement benefits for all the years worked.
Salary and retirement benefits
Salary is the regular payment employees receive from an employer for the work they do for the company. The fixed amount of money is primarily paid monthly, but there is an option for the salary to be paid annually. Meanwhile, employee benefits are types of compensation offered to employees on top of the salary and wages they receive. Common employee benefits include overtime pay, medical insurance, life insurance, vacation leaves, profit sharing, and retirement benefits.
The following are some of the pros of offering retirement benefits:
- You can receive some significant tax advantages for your business because Congress wants to encourage employers to provide retirement benefits to employees.
- If the plan is based on profits, the plan may enhance employee motivation and productivity.
- Retirement benefits may give you a recruiting advantage.
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