Salary Package - Terminology

[Sir_Dave]

Friend of mine if currently going through the process of a career change and the following phrase keeps being bandied around by potential employers? Its in the banking world if that helps:

"guaranteed 25% benefit fund on top of salary"

As he doesnt want to go back to them and look like a numpty, what does that mean exactly?

[Newc]

Usually that means the employer offers a value equivalent (so here 25% of salary) that the employee can allocate to pension, insurance, gym, health care etc in the proportions they want to.

[ChrisNic]

In addition the 25% can probably be taken as cash if there is no interest in the benefits available.

[Alpinestars]

ChrisNic said:

In addition the 25% can probably be taken as cash if there is no interest in the benefits available.

That would depend on the contract wouldn't it? Many of these contracts have benefits which employees have to take eg medical insurance.

OP, get your mate to just as the question. An employer would not think him a numpty for asking it.

[ChrisNic]

Alpinestars said:

That would depend on the contract wouldn't it? Many of these contracts have benefits which employees have to take eg medical insurance.

OP, get your mate to just as the question. An employer would not think him a numpty for asking it.

Agreed but I work in the industry for a bank that provides a 25% benefit funding so speak from experience.