Insurance group Zurich UK has introduced a package of financial wellbeing support for its 5,000 UK employees, and has donated more than £2 million to charities and national and local partners selected by employees.
In order to support employees during the cost-of-living crisis, this week Zurich introduced financial education, webinars, access to bespoke consultations with Planet First to make their homes more energy efficient, and interest and tax-free loans of up to £10,000 to fund home improvements such as draft excluders, cavity wall or loft insulation, solar panels, or double glazing.
It also made one-off payments of up to £1,000 to more than 80% of staff to help with the cost of living, as well as access to emergency loans of up to £750 to cover unexpected expenses. Staff were also given access to a range of discount schemes, and advice and guidance on financial wellbeing and managing money.
Charitable foundation Zurich Community Trust (ZCT) donated £2 million to 55 regional organisations across the UK that focus on poverty, isolation, mental health, dementia, domestic abuse and homelessness, with the partnerships set to last for two years.
The foundation awarded £900,000 to three national partners over two years including Magic Breakfast, Barnardo’s and Dementia UK, and provided an additional £250,000 to support its national and local partners with the current cost-of-living challenges.
All charity partners were given access to a programme of non-financial assistance including funded apprenticeships, employee and volunteer skills-based courses and webinars, as well as Zurich’s personal development and wellbeing learning hub.
The group also implemented charity donation platform MyImpact, which allows employees to make regular or one-off donations to partner charities. Each donation will be 100% matched by the Z Zurich Foundation, and for every 10 hours of volunteering recorded on the platform in any calendar year, staff will receive £100 to donate to their favourite charity partner.
Steve Collinson, chief HR officer at Zurich UK and chair of ZCT, said: “Increases in the cost-of-living are affecting everyone, with inflation and high energy costs meaning budgets must now stretch further. ZCT is proud that these donations will help to ease the burden for charities picked by our staff.
“At the same time, we are listening to our own people and offering flexibility and targeting support where it will have the most impact. This includes providing flexibility around benefits as well as guidance on how to manage finances.”