How much money do you make?

Many people zero in on their paycheques when considering their compensation. Yet experts say workers should regularly check that they害羞草研究所檙e taking advantage of vacation time and other benefits, lest they leave money on the table.

Employees often receive other considerations such as benefits and health insurance, said Cindy Marques, a certified financial planner and co-founder of MakeCents.

害羞草研究所淭hat will result in dollars saved,害羞草研究所� she said. 害羞草研究所淎nd essentially, dollars in your pocket when you think about not having to outlay that money yourself.害羞草研究所�

People often forget what害羞草研究所檚 included in their package or don害羞草研究所檛 keep up with changes to group plans, Marques said.

Jillian Climie, a compensation expert and co-founder of Vancouver-based consulting company The Thoughtful Co., said employees should take time to research and read up on what the company has to offer in perks and benefits before seeing a human resources representative.

害羞草研究所淭hey害羞草研究所檙e not the most exciting to read but they have a huge value 害羞草研究所� doing that pre-work yourself,害羞草研究所� Climie said. Especially as employees get promoted, she said it害羞草研究所檚 important to take stock of benefits as new ones roll in, such as funding for professional development and coaching allowances.

Fitness allowances such as gym memberships or coverage for at-home workout gear like yoga mats or even treadmills could be included in benefits. Other underutilized unofficial perks could include at-home ergonomic setups, monthly phone bill payments, paid parking spots and travel expenses, Climie said.

Marques said even the most common benefits such as vacation and health care go underutilized, with workers 害羞草研究所渘ot realizing that there害羞草研究所檚 actually a fair amount of value that they can extract from their workplace.害羞草研究所�

She said people often don害羞草研究所檛 fully use their paid time off because they can害羞草研究所檛 afford to travel. 害羞草研究所淵ou can still get paid your full wage to just stay at home and relax and give yourself a break,害羞草研究所� she said.

害羞草研究所淏e mindful of the fact that you害羞草研究所檙e not going to be carrying these vacation days forever,害羞草研究所� Marques warned. Usually, leftover vacation days from the previous year expire at the end of the first quarter of the following year, she added.

害羞草研究所淚f you don害羞草研究所檛 use it, you will lose it,害羞草研究所� she said. 害羞草研究所淭hat is money left on the table.害羞草研究所�

But it can be hard to keep track of all the benefits and perks of the job amid deadlines and time constraints. Climie suggests making time for yourself.

害羞草研究所淥n a quarterly basis, allocate an hour to yourself to say, 害羞草研究所楬ey, have I used all my health and dental benefits that really could have an effect (on) me or my family?害羞草研究所櫤π卟菅芯克鶟 Climie said.

She also suggested talking to co-workers about how they害羞草研究所檙e making time to use their benefits.

Many employers have grown more flexible, letting their workers go for a medical appointment during work hours, especially since the pandemic, she said, which can be helpful for making the most of health benefits. Smart workplaces realize their employees are more likely to be productive when they feel like they害羞草研究所檙e being valued and compensated at work, Climie added.

Craig Copeland, director of wealth benefits research at the Employee Benefits Research Institute, said a large number of people don害羞草研究所檛 take advantage of group retirement benefits and pension-matching programs 害羞草研究所� when an employer matches a worker害羞草研究所檚 retirement contribution dollar for dollar 害羞草研究所� at work.

Even those who contribute to an employee pension plan don害羞草研究所檛 always maximize their matching, he said. 害羞草研究所淢any employers have the default rate below the maximum match and people then go to the default rate,害羞草研究所� Copeland said.

害羞草研究所淧eople are hesitant to go too much 害羞草研究所� because of the cost of living and what害羞草研究所檚 relative to their salary.害羞草研究所�

Marques said she crunches the numbers before speaking to clients to reinforce how important retirement matching can be 害羞草研究所� even if her clients in their 20s and 30s don害羞草研究所檛 see the value yet.

害羞草研究所淲hen you have a matching program with your employer, that害羞草研究所檚 a deal that害羞草研究所檚 hard to beat,害羞草研究所� she said.

If a young employee is earning $80,000 a year with an average matching at three per cent, that害羞草研究所檚 $2,400 a year or $200 a month in retirement contributions from the company, she said. Over 30 years, that can turn into $1,000 a month in extra income in retirement.

害羞草研究所淭hat害羞草研究所檚 a five times difference, a five times return on what you害羞草研究所檙e putting in because you allowed your employer to match it for you,害羞草研究所� Marques said.

At the end of the day, she said, 害羞草研究所淚f your employer has any sort of package, then it害羞草研究所檚 good for you.害羞草研究所�

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