Group Company Benefits
Whereby a company takes out benefits on behalf of its employees on group basis benefit from the spread of risk across the whole group. This is a great way of staff retention and costs a lot less than a pay rise as there are no tax or NICs to pay on the benefit, coupled with the fact that they are genuine business expenses as listed alongside remuneration it’s a double win for companies.
Group company benefits include:
Group Death In Service: The family of the employee receive a lump sum (usually a multiple of salary) on the death of the employee.
Group Critical Illness: The employee receives a lump sum (usually a multiple of salary) on the diagnosis of a critical illness of the employee.
Group Private Medical: The employees have Private Medical Insurance allowing fast private treatment for specific medical issues they may suffer.
Group Hospital Cash Plan: The employees can claim back cash for illnesses that require hospitalisation, there are many different levels of cover which can also include dental.
That’s a fairly concise overview, please feel free to ask us any questions or for more detailed info on any of them. We’re always happy to educate clients so that they can make truly informed decisions.