An Introduction to Workplace Benefits
An Introduction to Workplace Benefits
AEfifty believes that a well thought out benefits programme can help attract and retain high calibre staff who will contribute to the success of your business over the long term and we will provide you with the expertise required to set up, communicate to your employees and then manage the programme and the programme providers we recommend.
Workplace Benefits need to be measured by the value attached to them by employees. Historically, their purpose has been to protect individual employees and their dependents against the impact of ill-health, disability, or death. They carry a high perceived value amongst staff because, should the worst happen, they know that benefits (usually a multiple of earnings) will be paid in accordance with the rules of a scheme managed independently of the company and its ongoing financial situation.
The Role of AEfifty
It is vital to you as an employer that the good will created by the provision of these benefits is not undermined by the performance (or lack of it) of the organisations (normally insurance companies) appointed to deliver them. Our selection criteria for the organisations we recommend include, financial strength, longevity, value for money, efficient administration (particularly digital integration), claims handling capability and bereavement counselling.
Our preferred supplier for workplace pensions is Peoples Pension; our preferred provider for Life Assurance, Income Protection and Critical Illness insurance is Canada Life and for Private Medical Insurance it is WPA. For more information about our preferred suppliers click here.
We place great importance on employee communication so as to maximise their understanding and their appreciation of the benefits you are providing. We will design a customised employee communication programme for you, and help you to deliver as required
The Range of Benefits available
Group life insurance
Group life insurance provides money to an employee’s family in the event of their death, helping to ease financial pressures in an extremely difficult time.
When purchased through CLASS, Canada Life’s online quoting platform, this product allows access to
WeCare, an online wellbeing solution.
Group income protection
Group income protection provides up to 75% of an employee’s
salary if they are unable to work due to illness or injury for a
prolonged period (usually six months).
When purchased through CLASS, Canada Life’s online quoting platform, this product allows access to WeCare, an online
wellbeing solution.
Group critical illness
Group critical illness insurance provides a lump sum benefit if an employee suffers one of the critical illnesses covered.
When purchased through CLASS, Canada Life’s online quoting platform, this product allows access to
WeCare, an online wellbeing solution.
Private Medical Insurance
Company health insurance could allow your employees to get the right medical help help when they need it most.
This product allows access to the WPA Employee Assistance Programme (EAP).
Workplace Pensions (Auto-Enrolment)
Under the Pensions Act 2008, every employer in the UK must put certain staff into a workplace pension scheme and contribute towards it. This is called ‘automatic enrolment’.
Newlands Corner nr. Guildford Surrey
Corfe Castle, Dorset
Pembrokeshire coast
Wooden bridge nr. Flatford Mill, Suffolk
In Conclusion
As an SME you were, according to the Federation of Small Businesses (FSB), at the beginning of 2020 part of a vital sector of the UK’s economy comprising 5.94 million small businesses (with 0 to 49 employees), 99.3% of the total business turnover, accounting for 99.9% of the business population (6.0 million businesses). This represents three fifths of the employment and around half of the turnover in the UK private sector.
However, SME’s provide significantly less benefits for their employees than larger companies where Death in Service benefits, for instance, are generally the rule rather than exception for companies with more than 250 employees whereas for small employers with less than 49 employees the reverse is true.
AEfifty does not believe that owner managers of small businesses care any the less for the well being of their employees than large corporations. We would argue the reverse, namely that relationships within smaller businesses are often closer and consequentially the death or long term disability of a member the team can have a major impact on culture, morale, and profitability.
Please contact us to learn more about what is available for you and what it will cost to provide it
AEFiftyServices is provided by AEFifty Ltd. in conjuction with Bailey Financial Ltd, whose details can be found here.
