What Does Total Remuneration Package Mean

What Does Total Remuneration Package Mean. A total remuneration package can be defined as a collection of benefits offered to an employee by their employer They always include your wage or salary but more appealing packages will also offer other bonuses such as company cars mobile phones accommodation and even gas or electricity allowances.

A total remuneration package means the employer has set in place a policy that articulates how they are going to compensate an employee A total remuneration package includes both financial and nonfinancial compensation and is considered taxable.

What is Total Remuneration?

Total Remuneration is the sum of compensation package that an employee earns for a specific job It includes salary bonuses commissions health insurance etc The Total Remuneration is performance based and has various components They basically comprise of fixed annual remuneration (not linked to performance) and variable remuneration elements ie performance related and consists of short term incentives and long term incentives as well as fringe benefits and pension compliments.

What is a Remuneration Package? Examples of Employee

Total remuneration is the sum of an employee’s compensation package including basic pay (their salary not including any financial and nonfinancial benefits) and all benefits Nonfinancial benefits such as gym memberships and access to counselling services increasingly make up part of the overall package as employers try to set themselves apart from competitors and appeal to candidates.