Flexible and voluntary benefits packages are increasingly viewed as an effective way to address employee diversity, offer greater choice and improve the cost-effectiveness of the overall workplace benefits package. They provide a way for employees to buy or sell benefits to suit their individual needs.
Alongside the more traditional workplace benefits, employers are increasingly opting to extend their packages as a means to attracting and retaining key staff. In some cases, the cost of these benefits is carried by the employer themselves. However, there are certain categories where businesses can choose to transfer some – or all – of the risk associated with employee benefits to a third party. This is known as Group Risk Insurance.
Whilst absenteeism due to ill health is inevitable within any organisation, there are steps that businesses can take to help reduce the impact that this has on their bottom line. One option is to offer private medical insurance as a means of helping employees with health issues to access medical assistance faster and, as a result, get better quicker and return to work in a shorter period of time.
Finura is delighted to announce that we have been shortlisted, once more, in the Adviser Firm of the Year (London) category at the Professional Adviser Awards.
Since auto-enrolment commenced back in 2012, employees around the UK have been benefitting from contributions paid into their pensions by their employers. This, combined with the new pension freedoms allowing anyone over the age of 55 to take out their entire pension amount as a lump sum, paying no tax on the first 25%, has made pensions an increasingly attractive savings vehicle.
As the UK employment landscape continues to move away from the more ‘traditional’ workforce structure, in line with changing employee needs and the rising participation of millennials in the gig economy, many businesses are having to re-address how they attract and retain key staff.
Since initial changes were made to the rules surrounding Enterprise Investment Schemes back in 2015, Chancellor Philip Hammond announced additional measures in his 2017 Autumn Budget following concerns that EIS was not channelling enough capital to the right companies.