KPMG rejigs flexible benefits scheme

KPMG has updated the online portal for its flexible benefits scheme, introduced a longer election period, negotiated better terms for its private medical insurance (PMI) and rebroked dental and optical perks available through flex for its 11,000 staff.

The professional services firm’s PMI scheme will continue to cover outpatient costs up to £1,000 a year but at a lower price, resulting in savings of 3.5% on the cost of the benefit year on year for employees.

Staff can also choose to increase their outpatient cover limits. This has been raised from a £2,000 limit to an unlimited amount, but for the same rate as last year.

Margaret Woolcott, employee benefits manager at KPMG, said: “Where staff have elected for the higher benefit, any outpatient costs that are approved by [provider] Bupa will be fully refunded to the staff member.”

KPMG has also rebroked its dental and optical insurance benefits available through flex. Sara Turner, UK head of benefits and wellbeing at KPMG, said: “It made sense to assess what was available in the marketplace to ensure that we had the best offering available at the best price for our employees.”

The Flextra scheme, provided by Vebnet, will now be hosted within a dedicated online portal, rather than being divided between the portal and KPMG’s intranet site.

The portal will also host updated total reward statements, and links to online payslips.

KPMG has also increased its flex enrolment period from two weeks to three, and added discounted gym membership, provided by Incorpore.

Read more news stories