According to recent research from Canada Life Group, nearly nine million workers* (30 percent of the UK’s workforce) do not receive any benefits from their employers at all. With upcoming changes such as auto-enrolment bringing workplace benefits into the spotlight, employers may well have to re-think their no-benefits policies.
Almost a third (31 percent) of workers state that they would like access to more benefits from their employer. Women (32 percent) are the most likely to receive no benefits, compared to 27 percent of men. A fifth (20 percent) feel that the kind of benefits offered by their employer will only increase in importance following upcoming changes such as auto-enrolment, which makes the provision of a workplace pension mandatory. Those who do receive benefits from their employer are most likely to have access to a pension that their employer contributes to, with almost half (47 percent) of workers currently receiving this benefit.
Meanwhile, 39 percent are given more than 28 days holiday annually (including bank holidays), and over a third (36 percent) have a life insurance or death-in-service policy provided by their employer. However, benefits designed to protect an employee’s finances in the event that they are unable to work due to illness or injury are less common, with only four percent set to receive a lump sum as part of their critical illness cover. Less than one in ten (seven percent) have insurance provided by their employer to protect them against illness or injury that prevents them from working.
Other health benefits are also less common, with just 29 percent given free eye tests – this suggests that many employees are unaware that they are legally entitled to claim a free eye test from their employer if they work with visual display units such as computers or have to drive as part of their job. Only five percent are given a free gym membership by their employer, while private medical insurance is offered to just 13 percent of workers. Paul Avis, Sales and Marketing Director at Canada Life Group Insurance comments; “It is disappointing that almost a third of workers do not believe they receive any workplace benefits at all. They may well feel that they are lacking in the support or recognition that they deserve, and with upcoming changes such as auto-enrolment putting workplace benefits firmly in the spotlight, they are even more likely to notice the lack.
“It’s good to see a large proportion are already enrolled in a workplace pension ahead of the final stages of auto-enrolment, as they will be used to the retirement saving habit. However, it is vital that more workers are covered should they become seriously ill or injured, as government benefits and savings are not enough. “Now is the perfect time for employers to decide with the help of an advisor what kind of benefits they could be offering their workers and, if they have any existing benefits, how to make these stretch further. It won’t just benefit employees, but businesses too, as happy, healthy and secure workers are far more likely to be productive.”
