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85% of employers plan to further enhance their benefits packages

Employee Benefits

The majority (85%) of organisations plan to enhance their benefits packages for employees, according to research by HR and employee benefits consulting services firm Gallagher. Voluntary benefits such as bikes-for-work schemes have increased to 75% from 73% in 2022, while gym memberships rose to 45% from 34%.

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How is the cost-of-living crisis affecting what employees want from their benefits packages?

Employee Benefits

For many employers, pay rises at the level needed to keep pace with inflation simply will not be possible, warns Alasdair McGill, managing director of accounts and consultancy firm Ashton McGill. Pay rises also mean National Insurance (NI) and other payroll costs going up, at a time when margins are already being squeezed.

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Future Proof Your Business with Insurance Benefits 

Enjoy Benefits

It’s possible to plan for these via a range of Enjoy Benefits insurance plans. Get treatment quickly with Private Medical Insurance The NHS is fantastic in many situations but sometimes we need a little more. It’s a benefit that dovetails perfectly with the one-off expenses covered by Group Critical Illness cover.

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Paid parental leave options: Understanding your rights

Business Management Daily

However, many businesses choose to offer paid parental leave as part of their employee benefits offerings, even though it is not required for most private employers. Employers can do this through a leave program they run or by adding short-term disability insurance to their health insurance and benefits package.

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Best Global Benefits Services

HR Lineup

One of these benefits is the provision of employee benefits. Employee benefits are non-wage compensations that are provided by employers to their employees, which may include health insurance, retirement plans, and vacation time. Best Global Employee Benefits Services 1.

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Employee Benefits Guide for 2023: What Employers Need To Know

Vantage Circle

Highlights Meaning of employee benefits Imoprtance of employee benefits Types of employee benefits Legally mandatory benefits Popular employee benefits Creative and budget-friendly benefit ideas What Are Employee Benefits? These benefits are given to employees over their salaries and wages.

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What Are fringe benefits? Options, taxability, and other considerations.

Business Management Daily

Taxable examples of fringe benefits might include: Gym memberships Moving stipends beyond the actual moving cost Personal use of a company car Frequent flyer miles when converted to cash Certain life insurance payments Information like this can come as a shock. Overspending on benefits is a surefire way to sour the experience.

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