Vacation, health benefits, pension: your compensation is more than your pay

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Pay attention to what else your employer is offering so you don’t leave money on the table

Many people zero in on their paycheques when considering their compensation. Yet experts say workers should regularly check that they’re taking advantage of vacation time and other benefits, lest they leave money on the table.

People often forget what’s included in their package or don’t keep up with changes to group plans, Marques said. Fitness allowances such as gym memberships or coverage for at-home workout gear like yoga mats or even treadmills could be included in benefits. Other underutilized unofficial perks could include at-home ergonomic setups, monthly phone bill payments, paid parking spots and travel expenses, Climie said.

“Be mindful of the fact that you’re not going to be carrying these vacation days forever,” Marques warned. Usually, leftover vacation days from the previous year expire at the end of the first quarter of the following year, she added.But it can be hard to keep track of all the benefits and perks of the job amid deadlines and time constraints. Climie suggests making time for yourself.

Even those who contribute to an employee pension plan don’t always maximize their matching, he said. “Many employers have the default rate below the maximum match and people then go to the default rate,” Copeland said.

 

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