Money hacks Why it pays to make the most of employee perks

Your employment contract should outline your overall benefits package, but it is also worth logging into your company's intranet or benefits portal if it has one.

- Harriet Meyer

Look beyond your salary Your employment contract should outline your overall benefits package, but it is also worth logging into your company's intranet or benefits portal if it has one. You should find more details there, or ask your HR department.

Some of them will be optional and could include "pension contributions, salary sacrifice benefits to afford home tech or a new bike, interest-free season ticket loans, and more," says Katie Vye, the head of the workplace financial education provider Better with Money. "Employee benefits can cut your everyday costs and boost tax-efficient savings."

Many employers use third-party workplace benefit providers such as Reward Gateway, Pluxee, and Perkbox Vivup. Perkbox Vivup, for example, was recently offering more than 800 discounts to employees of a UK council, including £280 off groceries, 32% off cinema tickets, half-price hotels and big savings on days out.

Max your pension Check whether you are maximising your employer's contributions. Some pay a fixed percentage, while others offer tiered schemes, in which their contributions rise if you increase yours.

Even small increases can add up over time, especially if your employer matches them. For example, a 22-year-old on £24,000 a year and contributing a total of 8% of their salary to a pension, could build a pot worth £468,064 by the age of 67, says Clare Moffat at the insurer Royal London. That is assuming it grows 5% a year after charges and 2.5% annual pay rises.

"But if the employee contributes an extra 2%, and the employer matches it, that's 12% of salary going in. At retirement, the pot could grow to £702,096, an extra £234,032," Moffat adds.