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English definition of “benefit”

benefit

noun     /ˈbenɪfɪt/
[C] a helpful or good effect : The discovery of oil brought many benefits to the town .get/receive the benefit (of sth) Who received the benefit of the spending ? To get the full benefit, this plan should be viewed as a long-term investment .reap the benefits (of sth) The industry is reaping the benefits of an increase in consumer confidence .economic/financial/environmental/health benefits The town is already receiving the economic benefits of the new shopping centre . a long-term / short-term / immediate benefit an added / additional benefit
[C or U] GOVERNMENT, FINANCE in some countries , money that is given by the government to people who cannot find a job , are too sick to work , etc.: As an unemployed mother , you can claim benefits. I'm on benefit at the moment . unemployment / disability / housing benefit a benefit claimant
[C, usually plural] HR advantages such as medical insurance , life insurance , and sick pay , that employees receive from their employer in addition to money : For working parents , childcare can be one of the most valuable employee benefits a company offers . The company offers a generous benefits package that includes private healthcare and a free on-site gym . → Compare cafeteria plan
[C] INSURANCE payment from an insurance policy or a pension plan : Last year , the UK insurance industry paid out nearly £188 million every day in pension and life insurance benefits. 50 is the earliest age the law allows people to receive their pension benefits. His wife will receive his full benefits when he dies .
→ See also accelerated death benefit, accident and health benefit, accrued benefits, child benefit, cost-benefit, cost-benefit analysis, death benefit, defined-benefit, disability benefit, employee benefit, flexible benefit plan, fringe benefit, housing benefit, incapacity benefit, industrial injuries benefit, maternity benefit, sickness benefit, soft benefit, state benefit, taxable benefit, unemployment benefit, welfare, welfare benefit
(Definition of benefit noun from the Cambridge Business English Dictionary © Cambridge University Press)
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