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11 Jul 2016

Nearly half UK employees favour benefits package over higher wages

New research has found that nearly half the UK workforce would rather their employer offer a better benefits package than a higher wage packet, the Employee Benefits website reports.

According to a study conducted by Zurich Insurance, in partnership with the Smith School of Enterprise and the Environment, 47% of UK respondents to the 2016 ‘Income protection gaps: challenge and opportunity´ report would rather receive an improved benefits package - to include income protection – than a higher rate of pay.

Researchers spoke to 11,000 employees from 11 countries around the world, although the Employee Benefits website focused on the UK results in particular.

In addition to the previously mentioned finding, the report found that less than one in five (19%) UK workers have a good knowledge of income protection products; while a similar number (20%) have income protection cover in place if they become too ill or disabled to work.

What´s more, many people are misinformed about whose job it is to protect them in light of such an event. More than a third (37%) believe it is their employer´s duty to cover income loss during the event of illness, yet just 13% have been offered income protection by their current employer.

A large proportion (42%) of respondents have at some point experienced a loss of income due to illness during their working lives. When asked how they would provide for themselves should the worst happen, nearly half (47%) said they expected to rely on their savings. However, 21% would only have enough savings to last three months, and 23% would only have enough to last for one month.

Commenting on the findings, Gary Shaughnessy – chief executive of Global Life at Zurich – noted that, “As we witness a shift in the burden of responsibility from the state to individuals, people need to take more responsibility to protect themselves and those they love.

“As an industry, we have a duty to continue raising awareness and help people mitigate this growing risk,” he added.

Copyright M2 Bespoke 2016

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