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A benefits package refers to compensatory payments to employees additional to regular salaries or wages. These might include bonuses, incentive payments for excellent performance, additional superannuation payments, or extras such as private health insurance.
A benefits package is usually included as part of an new employee’s induction within an organization; offering a competitive benefits package can encourage employees to be committed to the organization and to also perform better in their roles, as it reassures them of the fact that their wellbeing and happiness is important.
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Compensation is given to employees in a form of a benefits package
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