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Many employers find it challenging to provide a budget-friendly and attractive benefitspackage. Employers wanting to compete for top talent can offer section 125 plans as a fringe benefit to help attract and retain employees. Check out our complete guide to fringe benefits to learn more about various employee benefits.
Bupa Global and UK has launched a primary care health support package for its 15,000 frontline UK employees, working in Bupa care homes and dental practices. The MyHealthcare benefitspackage was launched as part of the health insurance provider’s global ambition to enhance health benefits for all of its employees.
One way you can give your staff more choice in the employee benefits they receive is to offer them a cafeteria plan, which allows them to put together a benefitspackage that works best for them. Employers fund these flexible benefit plans with funds that are deducted from their employees’ salaries on a pre-tax basis.
Some individuals may be wary of reducing their take-homepay, especially if they are already on a tight budget. Illustrate how pre-tax contributions lead to significant savings over time, effectively reducing the impact on take-homepay. Want to learn more about how you can support your employees?
The retailer has additionally increased minimum pay rates , which will rise to £11.50 Over the past three years, Currys has increased its minimum hourly pay by 29%. This increase in take-homepay will mean that the annual earnings of an employee who works 20 hours a week will have risen by nearly £2,700 over the three-year period.
“Benefits that can greatly reduce financial burdens and improve financial wellbeing, such as cashback schemes and greater access to financial resources to help budget, can be helpful to stretch take-homepay as much as possible,” she says.
. “This change of data information would have to be with payroll before the September pay period cut-off, whereas for now it’s not needed until April of the following year.” “It’s also an opportunity to provide staff with access to resources where they can get information about the changes independently.”
Plan administrators should provide easy to understand handouts that explain the various benefitpackages, and encourage employees to pose any questions they may have prior to the enrollment period. Have HR personnel explain how elective benefits would impact a worker’s take-homepay.
Sure, the dollar figure is important, but some folks really value the extras and can assign dollar values to these perks, especially their health insurance contributions and other deductibles to get a clearer picture of what their takehomepay will be and how it might stack up against their current compensation or other offers they may be weighing.
Employees aren’t going to opt in to a medical plan that cuts far into their take-homepay. Knowing how much you’re going to pay and how much your employees are willing to pay will help you set a baseline cost. A strict or limited budget may mean sacrificing some benefits.
“Benefits that can greatly reduce financial burdens and improve financial wellbeing, such as cashback schemes and greater access to financial resources to help budget can be helpful to stretch take-homepay as much as possible,” she says.
And when was the last time you updated your benefitspackage? If your employees have to cover their own healthcare, that cuts into their take-homepay, leaving the door open for other job opportunities. If there’s a pattern, you can use your data to target specific areas and try new solutions.
One of the key advantages of tax free benefits is that they help employees stretch their compensation further. By reducing the taxable portion of their income, employees can effectively increase their take-homepay. Other advantages of non taxable employee benefits: Cost savings for employees.
Financial literacy and education should be on the mind of every employer, and form a foundational part of organisations’ reward and benefitspackages. From 6 April 2022 , the rise in national insurance (NI) contributions means the average worker will see their take-homepay fall by around £250 each year.
Swap Less Popular Perks For Pensions If youre struggling to pull together a cost-effective but impactful benefitspackage, the 2024 Drewberry Workplace Pensions Survey found that 60 percent of employees would actually prefer bigger pension contributions over other benefits. Want Real Value For Money? And the best part?
Regularly benchmarking salaries against industry standards and offering comprehensive benefitspackages can help you remain competitive. Use Total Compensation Statements to Highlight Value Employees often underestimate the full value of their compensation package, focusing solely on their take-homepay.
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