Over a third of UK employers now offer Flexible Benefits packages as part of their
total reward package.
Flex schemes allow employees to select their own benefits, usually from a benefit allowance, dependent on their grade and salary. Schemes can offer a wide range of benefits - some with tax and NIC advantages such as childcare vouchers, pension contributions and bikes to work.
According to Aon Consulting, a review of their 50 flex clients shows that pensions are the most popular choice for employee with take up around 79%.
Private Medical Insurance attracts 32% of employees - but often employees do not select this benefit if say, their partner already has family cover through their own occupation.
Holiday trading was the third place favourite - allowing employees to either buy or sell holiday. Across the UK employees tend to buy holiday in a 3:1 ratio to selling, thus saving pay, tax and NIC for employers.
Aon’s 50 clients employ 60,000 UK staff in companies ranging in size from 200 to 2,000 staff.
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