What is the Salary Package?

The salary package comprises of the base salary PLUS additional benefits. These benefits will vary from company to company, and it is essential to find out exactly what will and won't be included in your package. Examine each of the offered benefits carefully and work out what they are worth to you.

Bonuses

Find out exactly how bonuses are awarded and whether they are realistic or not. Are they related to a specific achievement, or are they paid on a discretionary factor? Are they tied to your individual performance or the department's?

Car Allowance

Considering today's high cost of motoring expenses, a car (or car allowance) can be worth a lot of money. However, it is important that you check with your accountant to find out how much of this allowance will be judged as taxable income.

Cost-of-Living Adjustment

If you are moving from the North to the South, you will have to take into account that your new home could cost three times the price of your old house. Find out what moving to a new area will mean to your budget. This will also apply if you are moving abroad. A generous cost-of-living adjustment from your new employer can make a significant addition to your salary package.

Health Scheme

How comprehensive is the cover? How much do you have to contribute? If you have a family, are they included under the scheme?

Holidays

How many days paid holiday will you allowed to take each year? Can holiday time be accrued from year to year? What is the company policy on taking holidays: do you have to take leave during a specific time of year? Are you restricted from holidaying during certain periods? Are you only permitted to take a certain number of days at a time?

Pension Plan

What will be the level of your contributions? How much will the company contribute? What will it mean to you at retirement?

Relocation Expense

If you are required to relocate, find out how much the company will assist you in relocation costs. Will they pay for only a portion of your move or will they cover all expenses in selling your home, moving personal effects and the costs involved in buying a new home?

Salary Review

Find out how often your salary will be reviewed, and what this review will be based on. Are reviews for merit only or will they cover cost of living as well?

Share Options

If the company trades their shares on a stock exchange, then it may be worth finding out if share options are available to employees. Project some growth in the company share value and see if this will be an important factor.

Sports Facilities

Free or reduced rate access to sports facilities such as a gym, squash club or swimming pool can be a money saver for those who enjoy keeping physically fit and active.

Staff Sales

Concessions in company (or group) services or products can be an attractive part of a salary package.

Training

How much support will the company offer for vocational training or for gaining advanced qualifications? Will they allow time off? Will they pay for (or contribute towards) expenses?