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I think taking extra annual leave is usually the most popular option. The other benefits are good but just not all that useful
You can take it as cash or exchange it to buy extra annual leave, dental / health insurance, child care vouchers etc
Rising Star
I just take the cash
It varies by firm, but you typically you can choose to take it as cash or buy additional benefits. The benefits often include increased pension contribution, private health insurance, car buying schemes, etc.
Is this standard?
Rising Star
You get tax benefits if you use it to get a company car or other options
It's essentially part of your base which they conveniently don't have to pay pension contributions on. Best to take as cash.