All Group risk articles – Page 5
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ArticleFlexible working valued by a third of those likely to work past age 65
The majority (71%) of employees plan to work beyond the age of 65, and 32% feel that flexible-working initiatives are the best way to attract and support older employees, according to research by Canada Life Group Insurance.The survey, conducted among 1,002 full- and part-time employees in April 2019, also found ...
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Case StudiesThe benefits offered by Inspired Villages
The benefits offered by Inspired Villages:Pension, protection and payA defined contribution (DC) pension scheme is available for all staff through auto-enrolment; contributions are set at the statutory minimum of a monthly 5% from employees and 3% from the employer.Life insurance, at three times an employee’s base salary, is available on ...
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ArticleA third plan to work past age 65 because their pension is not sufficient
Around a third (32%) of respondents plan to work beyond the age of 65 because their pension savings will not be sufficient to allow them to cease earning a wage, according to research by Canada Life Group Insurance.Its survey of 1,002 full and part-time employees also found that 25% believe ...
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ArticleTwo-fifths are most interested in receiving paid annual leave as employee benefit
Two-fifths (44%) of employee respondents are most interested to receive between 22 and 35 days of paid annual leave as an employee benefit, according to research by insurance organisation Aviva.Its survey of 2,011 UK employees and 502 managers with recruitment responsibilities further found that other workplace benefits staff are most ...
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Article£1.68 billion paid in group risk claims in 2018
More than £1.68 billion was paid out by the group risk industry over 2018, demonstrating a £64.5 million increase on 2017, according to research by industry body Group Risk Development (Grid).The research, based on claims data from Grid’s provider members, also found that 26,505 claims were made in 2018 for ...
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Case StudiesThe benefits offered by Royal Mail
The benefits offered by Royal Mail:Pensions, pay and group riskRoyal Mail's defined benefit (DB) pension scheme was closed to new members in March 2008 and new employees are provided with a defined contribution (DC) pension. The DB arrangement closed to future accrual in March 2018; members of this scheme have ...
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Case StudiesThe benefits offered by The Phoenix Group
The benefits offered by The Phoenix Group, excluding Standard Life Assurance:Pension and protectionFor auto-enrolment purposes, The Phoenix Group provides a defined contribution (DC) pension scheme, matching employee contributions up to 5%. From April 2019, employees contribute a minimum of 2% of their base salary and the organisation contributes 5%, in ...
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ArticleNearly 12.9 million people were covered by group risk schemes in 2018
Nearly 12.9 million individuals were covered by group risk schemes at the end of 2018, according to research by insurance provider Swiss Re.Its Group watch 2019 report, which is based on data collected from 13 product providers in the group risk market in the UK and 20 employee benefits consultants, ...
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AnalysisHow can employers put their core benefits in the spotlight?
Need to know:Core benefits can be costly to provide, but are an important aspect of promoting employee wellbeing and financial protection.Employers must demonstrate the relevance that these benefits hold for employees, and show how they can be used to their advantage.Targeted communication campaigns, delivered in ways that employees will appreciate, ...
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Case StudiesThe benefits offered by Severn Trent Water
The benefits offered by Severn Trent Water:Pension, protection and payA defined contribution (DC) pension scheme for all employees, offering 2:1 matching contributions and a maximum 15% employer contribution.Group income protection, available for all staff on an employer-funded basis. This operates on a phased reduction model: once an employee's sick pay ...
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ArticleEXCLUSIVE: Mention Me introduces life insurance for 70 staff
EXCLUSIVE: Referral marketing organisation Mention Me has introduced a new life insurance benefit for its 70 employees, to support staff wellbeing and align with its organisational culture.The benefit, provided by Yulife, has been implemented in order to reflect the start-up’s growing organisational culture, aligning to its core values: strive, balanced ...
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ArticleOne day left to take part in exclusive benefits strategy research
How is your organisation’s benefits strategy changing to reflect future challenges? How do you measure employee engagement? What outside influences are shaping your approach to reward?There is just one day left to have your say in Employee Benefits' exclusive benefits strategy research.We are particularly interested in finding out about the ...
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Case StudiesThe benefits offered by Sunrise Senior Living
The benefits offered by Sunrise Senior Living: Pension, protection and payA defined contribution (DC) pension scheme for all employees, delivered through a master trust. Contribution levels vary depending on seniority.Income protection is available for salaried employees on an employer-funded basis. This pays up to 70% of their basic salary for ...
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ArticleAround two-thirds say contributory pension schemes are their most valued benefit
Around two-thirds (62%) of respondents state that a contributory pension scheme is one of their top five most valued benefits, according to research by global advisory and brokering organisation Willis Towers Watson.Its survey of 2,000 UK employees also found that respondents most valued health insurance (43%), life insurance (40%), critical ...
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ArticleTwo-fifths would feel more positive about their employer if offered an annual bonus
Two-fifths (40%) of employees would feel more positive towards their organisation if they were offered an annual bonus within their benefits package, according to research by Canada Life Group Insurance.Its survey of 1,001 UK employees found that bonuses are more highly valued by older staff, as 53% of those over ...
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Case StudiesMundipharma updates group risk benefits to increase employee choice and flexibility
Pharmaceutical organisation Mundipharma updated its group risk benefits in April 2016, in order to afford its 1,000 employees more flexibility around their coverage while mitigating increasing costs.Mundipharma provides two group risk benefits: group life insurance and group income protection. Both schemes were redesigned when the organisation introduced flexible benefits in ...
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AnalysisDo group risk benefits need a makeover?
Need to know:Employers and providers might want to consider re-branding group risk benefits to help clarify the purpose of each product.A multi-media communications approach, using digital, paper and face-to-face communications, is best for ensuring engagement.Employers should strive to increase take-up and awareness of value-add services to impact employee absence, presenteeism ...
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OpinionKatharine Moxham: How can employers promote group risk to increase interest?
Employers want to provide an engaging package for their people. As part of that package, group risk benefits, such as employer-sponsored life assurance, income protection and critical illness, throw out a financial lifeline when it is most needed. However, these benefits can be wallflowers because they provide for catastrophic events, ...
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ArticleAIG Life completes acquisition of insurance provider Ellipse
Insurance organisation AIG Life has completed the acquisition of Ellipse, a specialist group life, critical illness and income protection provider in the UK, following the receipt of required regulatory approval.The terms of the purchase, from German reinsurance organisation Munich Re, have not been disclosed.AIG Life now intends to distribute both ...
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ArticleA third believe financial wellbeing benefits are very important
A third (33%) of respondents believe that financial wellbeing benefits, such as a pension, holiday and bonus pay, are very important when considering where to work, according to research by UK consultancy Barnett Waddingham.Its Why BWell: where’s your head at? report, which surveyed 3,000 full and part-time employees between the ...