Cash was withdrawn from an ATM in Montreal on Monday, May 30, 2016. (Photo: Ryan Remiorz / The Canadian Press)
Many workers focus solely on their paycheques when considering their earnings. However, experts advise that it's equally crucial to take advantage of other job benefits like vacation time and health insurance to maximize your overall compensation.
According to Cindy Marques, a financial planner from MakeCents, benefits save you money by covering expenses you'd otherwise pay out of pocket. Many employees overlook what's included in their benefits package or fail to keep up with changes in group plans.
Jillian Climie, a compensation expert at The Thoughtful Co., recommends employees research their company's perks thoroughly before consulting HR. She emphasizes the value of benefits such as professional development funding and fitness allowances, which can include gym memberships or even equipment like yoga mats.
Marques highlights that common benefits like vacation and healthcare are often underutilized. She encourages workers to take their paid time off even if they can't travel, as it allows them to relax without losing out on pay. She warns that unused vacation days usually expire, so it's essential to use them up.
Climie suggests setting aside time quarterly to review benefits usage, including health and dental coverage. She also recommends discussing benefit strategies with colleagues to ensure you're taking full advantage.
Craig Copeland, from the Employee Benefits Research Institute, notes that many people don't fully utilize retirement benefits and pension-matching programs offered by employers. Even when employees contribute to retirement plans, they often miss out on maximizing the employer match, which could significantly boost retirement savings.
Marques stresses the importance of retirement matching, illustrating that employer contributions can multiply savings over time. For instance, a 3% match on an $80,000 salary could mean an extra $200 per month towards retirement, potentially leading to substantial income in retirement years.
In conclusion, Marques emphasizes the value of any benefits package offered by employers, urging employees to explore and utilize all available resources to maximize their financial security.
