Vocabulary【Company Packages】
compensation
Compensation is the monetary and non-monetary benefits given to employees.
A typical compensation package includes a salary, bonus, and insurance.
Some companies also provide other benefits, such as free food and gym membership.
A good compensation plan can improve employee satisfaction.
Before accepting a job offer, you should evaluate its compensation package carefully.
He accepted the job without negotiating a compensation package.
She received a housing allowance as part of her compensation package.
salary
A salary is a fixed amount of money paid to employees in return for their work.
It is paid regularly, usually on a monthly basis.
If employees perform well, they may get a salary raise.
He earns an annual salary of $50,000.
She did a great job last quarter, so she got a thirty percent salary increase.
bonus
A bonus is extra money given to employees in addition to their salary.
Companies often give employees bonuses to reward good performance.
Employees may also get a bonus before major holidays, such as Chinese New Year or Christmas.
I'll buy a new laptop with my year-end bonus.
Employees who stay in the company for more than three years receive a special bonus.
insurance
Insurance is compensation provided by a company to employees for unexpected events.
For example, health insurance pays for employees' medical costs when they get sick.
Without health insurance, they may be unable to pay their medical bills.
Don't forget to buy travel insurance before you go.
Some treatments are not covered by insurance.
benefits
Benefits are non-cash compensation that employers give to employees.
Examples include health insurance, holiday leave, and pension plans.
Companies that provide competitive benefits packages are more likely to attract employees.
Health insurance is part of our employee benefits package.
Paid time off is the most desired type of benefit in our company.
Question
- Why do companies give bonuses?
> to reward good performance - What happens to employees who perform well?
> They may get a salary raise. - It is advantageous for companies to provide competitive benefits because it attract employees.
