Work is necessary not only for economic benefits — wages — but also for social and psychological needs: the feeling of contributing to society.
Literal
Labor [topic-は] economic benefits, that-is salary [object-を] earn [for-に] necessary only not, social and psychological desire, that-is, society [possessive-の] benefit [for-のために] something doing feeling [object-を] hold [for-ために] [also-も], necessary [copula-のである].
A dense, essay-style sentence. つまり ('that is, in other words') glosses the abstract terms twice. ~ばかりか…も ('not only X but also Y') builds the argument. のである adds explanatory authority. Clearly translated from an English source.