Perquisite

A perquisite, often shortened to perk, is a special right, privilege, or benefit provided in addition to a regular salary or wages. These benefits are typically given to employees, particularly executives or those in high-level positions, to incentivize performance, enhance their quality of life, or provide a competitive advantage for the company in attracting and retaining talent. Perquisites can be tangible, such as company cars, housing allowances, or expense accounts, or intangible, such as preferential treatment or flexible work arrangements. They are often taxable as income.

Perquisite meaning with examples

• The CEO's perquisites included a company-paid luxury car and driver, contributing significantly to his overall compensation package. This perk allowed him to travel in style and attend meetings promptly. This was viewed as a reward for achieving significant financial goals, further increasing his motivation to work hard.
• As a senior executive, she enjoyed several perquisites, including a private office with a view, a membership to an exclusive health club, and access to a corporate jet for business travel. These perks improved her work environment while providing more convenient travel options and enhanced benefits.
• The company offered several attractive perquisites to its employees, such as generous vacation time, health insurance, and a subsidized cafeteria. These benefits created a positive workplace and significantly improved overall employee satisfaction and reduced staff turnover within the organization.
• A successful sales representative often received perquisites like bonuses for exceeding sales quotas, along with opportunities for professional development and advancement. These incentives, together, aimed to boost performance and recognize top-performing team members of the company's department.