Explanation:
While employee compensation and job benefits are the terms that might overlap in meaning, they are usually understood to recognize two different ideas of remuneration.
Employee compensation implies or refers to the salary, annual incentives and longer term incentives like stock options and other equity compensation that he/she works for.
Job benefits as it is defined in ERISA (US law), implies health and welfare plans and pension plans, such as savings and paid time off.
Other benefits include: housing paid by the employer, with or without free utilities; insurances (health, dental, life etc.); disability income protection; retirement benefits; daycare; tuition reimbursement; sick leave; vacation (paid and non-paid); social security etc.
Compensation is purely the monetary aspect.
Benefits are the non-monetary items like heath insurance, even if you have to pay for it partly out of your own pocket.
The compensation is purely monetary aspects but the benefits are non-monetary items which is also having benefits included. So, there is a difference between the job benefits and employee compensation.
The employee compensation is defined as to the salary, annual incentives and longer term incentives which may be similar to stock options or other equity compensation.
The job benefits is defined as the health and welfare plans and pension plans , like savings and paid time off.
Also the benefits includes housing paid by employer , including or excluding free utilities, insurances, disability income protection , retirement benefits, sick live, vacation, social security etc.
The difference in job benefits may look similar to total employee benefits but they are different in many ways.
The compensation is purely monetary aspects but the benefits are non-monetary items .
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