What is the Salary Package?

The salary package comprizes of the base salary PLUS additional benefits. These benefits will vary from company to company, and it is essential that you find out exactly what will and won't be included in your package. Look at 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?

Cost-of-Living Adjustment

If you are moving to a new area or part of the country, then you may have to take into account that your new home could cost much more than 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 Plans

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

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?

Retirement Plans

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

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 the rise in the 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?

Vacations

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

Vehicle Allowance

Considering today's high cost of motoring expenses, a vehicle (or vehicle 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.