Business, Legal & Accounting Glossary

Definition: Benefit


Quick Summary of Benefit

A payment or entitlement, such as one made under an insurance policy or employment agreement, or public assistance program. Or, more generally, something of value or usefulness.

What is the dictionary definition of Benefit?

Dictionary Definition

  1. n. any profit or acquired right or privilege, primarily through a contract.
  2. in worker’s compensation, the term “benefit” is the insurance payment resulting from a fatal accident on the job, while “compensation” is for injury without death.
  3. in income taxation, anything that brings economic gain.
  4. “fringe benefits” may be part of the compensation for employment other than salary or wages, and may include health or disability insurance.
  5. v. to gain something, as “This sale will benefit Ken Murray.

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Benefit. Payroll & Accounting Heaven Ltd.
January 17, 2022
Chicago Manual of Style (CMS):
Benefit. Payroll & Accounting Heaven Ltd. (accessed: January 17, 2022).
American Psychological Association (APA):
Benefit. Retrieved January 17, 2022
, from website:

Definition Sources

Definitions for Benefit are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 21st November, 2021 | 1 Views.