Did you read the job offer letter properly? Is the salary mentioned clearly? Is the take home break up mentioned there?
But your worries don’t end there. There are more things that matter as much as the salary. It is common for companies to provide many financial and non- financial benefits.
Here are the five benefits that have financial implications for you – and you should check these – before you sign the job offer.
Health and Life Insurance
It is one of the most popular offerings when hiring full-time employees. Generally, health and life insurance benefits are non-negotiable benefits provided by employers. Employers can also provide various options of health care plans like Health Maintenance Organisations (HMOs) and Preferred Provider Organisations (PPOs) for employees to choose from.
Provident Fund
Provident Fund is a government managed retirement scheme, and the money is used in various developmental works. Workers are expected to contribute a fraction of their salary for Provident Fund and employers too contribute a specified sum for this fund. Both these amount are often shown under the salary slip, and are accounted as part of salary.
Signing Bonus
Stiff competition for bright talent sometimes forces employers to dole out attractive cash bonus for prospective employees, as a bait to join in quickly. A signing bonus is a sum of money given by the company to a new employee as an incentive to join their company.
Severance Package
This is mostly rolled out for leadership profiles. This benefit – can be cash or kind – and is promised to the employee on his departure from the company. It may include extended benefits like health insurance or some outplacement assistance to help employees secure a new position.
Stock Options
It’s common to see startups offering stock options as a part of salary packages to their employees. In employee stock option plan, employees are given the right to buy a specific number of shares of company stock at a specified price for a specified number of years. The offering price is called the grant price, it is the market price at the time the option was offered. The employee can either purchase and hold the shares when the stock has gone up at the original grant price or even sell them for a profit.
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