When it comes to employment, a benefit is any additional advantage an employee receives from his or her employer. Everyone receives a wage, but benefits go beyond that and include items such as vacation time, pensions and health insurance coverage. Benefits can fall under different categories. Fringe benefits include paid holidays and retirement plans. They are tax-deductible for employers and remain untaxed for the employees. There are also retirement benefits that are offered by the Social Security Administration. This is provided to individuals who have reached the age of retirement and have accumulated enough credits to be eligible for the program. Benefits are generally offered as a way to entice individuals to apply to an open position within a company and to retain great employees.
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