Benefit Statement Definition

A benefit statement demonstrates your total compensation.

A benefit statement, often referred to as a total compensation statement, provides employees a look at benefits included as part of their compensation package. This helps you see the total value of your position with the company, including benefits, levels of coverage and cost breakdown of benefits for the employer and employee.

Health and Dental

Health and dental insurance are staples of most employee benefit packages. Some employers pay the full premium costs. Others cover the employees in full and give them the option to buy family protection, of which the employer pays for a portion of total premiums.

Life Insurance

Life insurance is often included as part of a total compensation package. Employers sometimes provide a certain level of coverage based on your position, salary level or time with the company.

Disability

Short-term and long-term disability benefits vary from one company to the next. Some employers cover some or all costs for disability, while others make these optional for employees or allow build up of sick days for short-term protection.

Retirement

Retirement plans vary greatly and many organizations offer them for full-time employees. Some retirement plans offer employer match programs.

Optional

Optional benefit plans may include additional life insurance, prepaid medical and other employer-specific benefit opportunities.

References

• My Benefits Statements: What is a benefit statement or a total compensation statement?
• University of Wisconsin Milwaukee: Understanding Your Annual Staff Benefits Statement