These can provide cost effective ways of maximising the value for money aspects of the wage bill, help ensure that staff are cared for in the event of ill-health and help with the recruitment and retention of staff.
In many cases your employees will perceive the value of the benefit to be much higher than the actual cost of providing it, which makes the provision of such benefits a very useful tool in remuneration negotiations with individual staff and or groups or unions.
The benefits not only accrue to your staff, but also assist in the efficient management of the company by providing cover for certain risks. For example:-
- Income Protection
- Group Critical Illness Insurance
- Group Private Medical Insurance
- Group Personal Pensions
- Group Life Insurance
Group schemes can provide economies of scale, and in some circumstances, due to underwriting-free cover limits, enable people who would not normally be insurable to receive some level of cover.