Incisive Media is to introduce an employee-funded voluntary income protection scheme and a bonus sacrifice arrangement.
The income protection scheme will be administered by Unum. Emma Cutbill, benefits manager at Incisive Media, said: “We have been interested in introducing an income protection scheme for our staff for the past couple of years.
"It has a reputation of being very expensive, especially if it is done individually. By doing it in a group scheme the rates are quite cheap. It means someone in their 20’s on a salary of £28,000 could get cover for £4 or £5 a month.”
The scheme is available to all 680 of the publishing firm’s UK staff, and will rolled out in line with its You Choose benefits package. Among the communications methods are brochures and posters, as well as presentations that all staff were invited to attend.
The bonus sacrifice is not available to all staff because only a percentage of employees actually receive bonuses. Cutbill added: “Those that do get a bonus can elect to have part or all of their bonus paid directly into their pension. And they save on tax and national insurance (NI).
"Incisive Media have agreed to pay in the employers’ national insurance (12.8%) into the pension as well, which makes it a lot more attractive to staff.”
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