Benefit in kind
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Benefits other than money received by employees, by reason of their employment. Generally speaking, employers cannot force employees. to take wages in kind. However, benefits (e.g. use of car, costprice purchase, etc.) may be given addition to wages and used as incentives. Benefits in kind may be taxable, particularly those received by directors, and also where the recipient has a right to forgo the benefit and receive additional income. Certain minor benefits, sometimes appropriated rather than given, are known as ‘perks’ or ‘perquisites’.
Reference: The Penguin Business Dictionary, 3rd edt.
More definitions
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