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Employee Benefits News

Latest News
10 Mar 2014

Two In Three Employees Rank Pension Packages As Most Important Benefit

According to a study carried out by group risk industry trade body Group Risk Development (GRiD), more than two in five employees would rather have employer-sponsored protection insurances, such as group life insurance and group income protection, over a pay rise of between 1% and 3%.

In addition, the survey found that 44% of the interviewed employees felt more valued when offered a benefits package. A further 40% said a benefits package would motivate them to stay with a company.

But when asked which benefits they found most important pension packages ranked highest. 65% of employees placed them in the top three of their highest-valued benefits. Income protection, life insurance and critical illness assistance were also important to respondents, with 56%, 47% and 41%, respectively, citing them in their top three. Other benefits such as private medical insurance (35%), health screening (18%), dental insurance (9%) and discounted gym membership (4%) featured lower on employees benefits wish lists.

According to Katharine Moxham, spokesperson for GRiD, the research highlights the extent to which employees value benefits packages at a time when businesses are working to recruit the right staff and balance their accounts. The fact that such a significant proportion of employees would prefer a better employer-sponsored protection over a pay rise shows that the attitude towards benefit packages is changing. These benefits packages not only make staff feel secure but also valued within a company, she added.

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