Pay and benefits

When you get a job, compensation package is important. Let’s see how to express and words used.

Wages, salary and benefits

Look at the paragraphs below and guess the words are bold.

My name’s Mark and I’m a software developer in South Korea. Even though I don’t get a salary and perks, I love my job even if I couldn’t earn now. I work with talented people, it makes me motivated. we’re very busy to prepare all stuff by ourselves. Therefore, we always work extra hours, or overtime. I believe we can make something brillient and then, we may get wages, of course it would be minimum wage.

After that, if the situation is going better and better, The wage turns into a basic salary, There might be a chance to receive a bonus, commission and maybe tips? if our specialist in pay and benefits is generous, not stingy. if I have to choose someone among us for the specialist. I will choose Ryan who is very thoughtful. He is quite good at composition, so fantastic compensation package and remuneration package can be maden.

Whatever, we can have some good fringe benefits like a company car, a house for employees etc. I hope we will be able to make payment for pension. It sounds pretty fantastic to have this benefits package. For a director, share options or stock options will be included. More that that, a performance-related bonuses can be applied for encouragement of employees.

Compensation is also used to talk about money and othe rbenefits that a senior manaber(or any emplyoyee) receives if they are forced to leave the organization, perhaps after a boardroom row. This money is in the form of a compensation payment, or severance payment. If the manager also receives benefits, the payment and the benefits form a severance package.

In Britian, executives with very high pay and good benefits amy be refferred to as fat cats, implying that they do not deserve this level of remuneration.

Words

compensation /ˌkɒmpənˈseɪʃən $ ˌkɑːm-/ ★★☆ n. SYN remuneration

[uncountable] AmE the money someone is paid for doing their job

remuneration /rɪˌmjuːnəˈreɪʃən/ n.

[countable, uncountable][formal] the pay you give someone for something they have done for you

compensation package/remuneration package

the total amount of pay and all the other advantages such as stock options

His company give him a high salary, but much compensation package/**remuneration package is poorer than others.

compensation payment/severance payment

an amount of money that are offered to an employee when a company tells them to leave.

serverance package

an amount of money, and other advantages such as advice on finding a new job, that are offered to an employee when a company tells them to leave.

salary /ˈsæləri/ ★★★ S2 W2 n.

money that you receive as payment from the organization you work for, usually paid to you every month

The average salary for a teacher is $39,000 a year.

basic salary n.

money that you earn basically

wage /ˈsæləri/ ★★★ S2 W2 n.

[singular](aslo wages[plural]) money you earn that is paid according to the number of hours, days, or weeks that you work

In the summer vacation last year, I worked at the restaurant and earned good wages.

minimum wage n.

[singular] the lowest amount of money that an employer can legally pay to a worker

Even though this part-time job is tough, she gets the minimum wage.

bonus /ˈbəʊnəs $ ˈboʊ- / ★★☆ n.

[countable] money added to someone’s wages, espacially as a reward for good work

Further additions to your pay may take the form of bonus payment.

performance-related adj.

porformance-related payments, benefits etc are ones that increase when your work improves or becomes more prouctive and decrease if the opposite happens

He reach the target more than twice, He recieved a performance-related bonus.

commission /kəˈmɪʃən/ ★★☆ S3 W3 n.

[countable, uncountable] an extra amount of money that is paid to a persion or organization according to the value of the goods they have sold or the services they have provided

The dealer takes a 20% commission on the sales he makes.

[countable] a group of people who have veen given the official job of finding out about something or controlling something.

The Government set up a commission to investigate allegantions of police violence.

tip /tɪp/ ★★★ S2 W3 n.

[countable] a small amount of additional money that you give to someone such as a waiter or taxi driver

Did you leave a tip?

perk /pɜːk $ pɜːrk/ n.

[countable usually plural] something that you get legally from your work in addition to your wages, such as goods, meals, or a car

I only eat here because it’s free - one of the perks of the job.

earn /ɜːn $ ɜːrn/ ★★★ S2 W2 v. vt.

to receive a particular amount of money for the work that you do

He earns nearly £ 20,000 a year.

overtime /ˈəʊvətaɪm $ ˈoʊvər-/ ★☆☆ n.

[uncountable] time that you spend working in your job in addition to your normal working hoursJ

If you work overtime, you work more hours than ragular working hours in a day.

the money that you are paid for working more hours than usual.

I sometimes work more, but it’s resonable because of good overtime.

pay /peɪ/ ★★★ S1 W2 n.

[uncountable] money that you are given for doing your job

Staff have been working without pay for the last month.

benefit /ˈbenəfɪt/ ★★★ S2 W1 n.

[countable, uncountable] an advantge, improvement, or help that you get from something

I never had the benefit of a university education.

benefits package n

the total amount of pay and all the other advantages that an employee may receive such as bonuses, health insurance, a company car etc

The benefits package includes bonuses tied to the company’s performance.

stingy /ˈstɪndʒi/ adj.

[informal] not generous, especially with money

She’s too stingy to give money to charity.

fringe benefit n.

[countable usually plural] an additional service or advantage given with a bjob besides wages

A company give me a company car as one of fringe benefits.

fringe /frɪndʒ/ adj.

[only before a noun] relating to something that is in addition to the main or most important part of something

company car n.

[countable] a car that you employer gives you while you work for them

When one person has a company car, every one will want a company car.

pension /ˈpenʃən/ ★★☆ S3 W2 n.

[countable] an amount of money paid regularly by the government or company to someone who does not work anymore

Many people find it hard to live on a basic state pension.

BrE share option / AmE stock option

an option to buy shares/stocks at a particular price, especially an option given to employees to buy shares/stocks in the company they work for

We have introduced an employee share option scheme.

boardroom ˈbɔːdruːm, -rʊm $ ˈbɔːrd- / n.

[countable] a room where the directors of a company have meetings

row /raʊ/ n.

BrE [countable] a short angry argument, especially between people who know each other well SYN quarrel

boardroom row

a short angry argument among directors in the meeting room

Britain

Great Britain or the UK

fat cat n.

[countable] a rich person, especially someone who does not deserve to be rich

Since our chairman has been changed, the profits have fallen by 10 percent every year, so he is refferred to as a fat cat

imply /ɪmˈplaɪ/ ★★☆ W2 v.

to suggest that something is true, without saying this directly

deserve /dɪˈzɜːv $ -ɜːrv/ ★★★ S3 W3 vt.

to have earned something by good or bad actions or behaviour

It is the end of this time : )