New Employee Benefits for 2018
Happy New Year!
We thought we’d start the year on a positive note for our Business friends. When 2018 comes, it can be a good time to take a look at your benefits package that you offer to your employees. Offering a competitive package can really help to retain loyal and quality staff for your business. Plus, it’s a nice treat after all the excitement of Christmas and can help to motivate a productive workforce. Once you’ve got them on board, they’ll be less likely to jump ship. So here are some great employee benefits you can offer your employees to kick-start the year!
Relevant Life Insurance
Relevant Life Insurance can be a great death in service benefit to offer your employees. It not only allows them to set up a protection policy to support their family but it’s tax efficient too! Both you and your employees can benefit from tax relief including national insurance contributions, income tax, inheritance tax and corporation tax on a relevant life policy. A relevant life insurance policy is usually written into trust because of this. It allows for protection for your employees so they can have peace of mind their families will be supported.
Private Medical Insurance
With longer waiting times in the NHS, it can be difficult to get the right sort of care when we fall ill. That’s why offering private medical insurance can be a really welcoming benefit for your employees. There are different levels that you can get out, depending on what you’d like to offer your employees with a range of different prices. A healthier workforce is a better performing workforce, so you’ll end up much better off knowing that they’ll be in good hands if something were to happen.
2018 is when employers are now legally required to offer a pension plan for their employees. Employees aged 22 to pension age that earn at least £10,000 a year working in the UK are eligible to be part of a company pension scheme. This type of plan helps employees set aside some income for retirement. There are several types of pension policies. An employee and employer each put money into the pot to help add to the value.
There are different types of share schemes, but it can involve employers giving their employees shares in the company. This can be given as part of a benefits package or as a reward for hard work. You can limit schemes to certain levels of employees, but can really help to motivate an employee. When they’ve felt like their work is invested into their future it can provide motivation and aid productivity. It gives them a real sense of appreciation too when an employer recognises their work.
Income protection pays a percentage of an employee’s salary each month as regular income if they are unable to work due to long-term illness or injury. Getting income protection for your employees can mean that medical conditions are covered, allowing the employee to take time to heal. They can return to their job once they’re better and not have to suffer financial difficulty during this time. Usually, this can be set up when statutory pay ends or after a certain amount of time off work. They continue until the employer returns.
If you want to offer your employee benefits, you can benefit both your customers and your company. A benefits package can help plan for unexpected events for employees. However, for the employer, it can help make sure you get the top tier talent in recruitment. It can also help to keep them happy and committed!