employee benefit packages

Increasingly employers and employees are looking for tailor made employee benefits packages to suit the needs and aspirations of the employees and just as importantly, to suit the pocket of the employer.

Various contracts providing different types of cover are available including:

employee pensions

For employees, pensions are a benefit they desire now and rely upon after their working lives come to an end. Increasingly, quality candidates for a position will turn down job offers flat if a pension is not included.

The UK Government is currently considering compelling both employers and employees to contribute to employee pensions, thereby relieving some of the pressure on future Governments. It may happen, it may not, but you certainly need to know if it affects you.

group life contract

A group life contract could provide life insurance cover for employees based upon their salaries.

This is attractive to the vast majority of employees and makes them feel more secure and also more appreciative of their employer. It assists the employer in retaining good people, thereby reducing risk of loss of profit due to staff shortage, recruitment and retraining costs etc. Many types of benefit exist; it is simply a matter of selecting those that are most relevant to your firm and its employees.

death in service benefit

A specifically designed contract that allows an employer to provide life cover for their employees. Employee categories can be agreed and up to four times basic salary can be provided as an amount of life cover.

Generally this is a bedrock of an Employee Benefits Package. When new employees join, they can easily be added to the contract. Annually renewable, giving flexibility and control to the employer.

private medical insurance

For the employer who has employees that are integral to the success of the business and whose prolonged absence would adversely effect the employer. A wide variety of contracts providing varying levels of benefits, enabling employers to "custom fit" to their needs.

Many contracts offer instant access to hospital facilities, giving peace of mind to employees and reducing "down time" for the employer. Often put in place for those in senior and supervisory positions.

A benefit that would be expected by many candidates for senior positions and also a good way to retain those who are "invaluable" within the business.

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