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Do you know that 70-80% of employees living in the UK leave significant opportunities unraveled because they are unaware of the various benefits they are entitled to? Employee benefits are a goldmine, yet many employees fail to see their value. Nevertheless, in this article, we will be looking at the various employee benefits such as healthcare, pensions and other employee perks that you are entitled to. Without further delay, let’s dive into the details.
Employee benefits are the kind of perks or compensation a company offers to their staff employees. This offer serves as a means to attract, and retain employee. Employee benefits are perks provided in addition to an employee’s salary or wages. These benefits include health insurance, life insurance, retirement benefits, time off or vacations, work-life balance, and more.
Employee benefits and perks are important for various reasons. It helps in attracting and employing top talented skilled professionals and also helps in improving employee productivity and motivation. Employee benefits are essential and can range from healthcare to work-life balance. Understanding the impact of employee benefits can significantly improve a company and its revenue.
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Employers in the UK often offer benefits to complement workers, ensuring that their well-being and financial security are top-notch. Here are the various benefits you are entitled to as an employee:
Employees are entitled to receive free health care from their employer. The employer provides access to specialist consultations and treatments and also takes care of the medical expenses. Aside from employers, healthcare insurance can also be offered by health insurance companies or the UK government. The health insurance plan comes in different types, the notable ones are:
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This type of employee benefit provides employees with retirement or financial resources. The pension and retirement benefits ensure that employees are comfortable after retirement. The retirement benefits come in different retirement plans, and each plan has defined rules and regulations guiding it.
Employers provide employees with leave at no cost. That is, employers allow employees to take a break from work without the fear of sanctions. This kind of employee benefit can come in different forms:
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Employers ensures that employees have a balanced work and personal life by providing adjustment to their working time. To achieve this, employers allow employees to work from home, saving them time to attend to other personal activities like engaging in hobbies and attending to loved ones. They also offer flexible working hours and provide employees with well-being support.
Also known as “death in service” benefit, this type of employee benefit provides financial support to an employee’s beneficiaries if the employee dies. This insurance covers for funeral expenses, debts, and other expenses.
Disability insurance is a type of employee benefit that provides support for employees in terms of injury, illness or accidents. Disability insurance is classified into two, namely: short- and long-term disability insurance. In the short term, the employees’ bills and other related bills are covered for 26 weeks. On the other hand, long-term term insurance provides insurance that lasts till the employee can return to work. However, in long term-term insurance, the insurance begins 90 days after the employee may have been on a sick bed.
Employees are entitled to receive free education and training from their employer. This benefit covers the training fees and provides the necessary materials/equipment that would be relevant to studying. In addition, prioritizing employee education has a significant impact on the company. It provides an employee with adequate knowledge, ensuring that they are updated and can offer their services to the fullest.
Understanding employee benefits in the UK is crucial for maximizing your value as an employee. These benefits can significantly enhance the financial capability, health, skills and overall well-being of an employee. Therefore, as an employee, don’t leave these benefits untangled! Take full advantage of these benefits and build a solid foundation for your future.
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