Choose from the following categories or use the search to view our Q&As below
If an employee is absent and unable to work due to illness or injury, Group Income Protection Insurance will provide a replacement income, as well as help employers manage long-term absence more effectively. Some schemes will also insure pension and national insurance contributions. The level of cover is usually based on a percentage of employee earnings and can include bonus, overtime and other allowances, in addition to basic salary. The policy would begin to pay out after a set period of time or ‘deferred period’ (normally 26 weeks), following an insurer assessment of relevant medical information.
The cost of Group Income Protection depends on a number of factors, such as the level of benefit offered, number of employees covered and the length of the deferred period before a claim can be submitted. Although Group Income Protection Insurance for employees is not a legal requirement for companies, it is a great benefit for employees and can aid staff retention, attract top candidates, help reduce costs as a result of absence due illness or injury and give your employees financial peace of mind.
Auto Enrolment requires every employer to put their qualifying staff into a workplace pension scheme. A workplace pension scheme is a savings plan for employees, arranged by the employer to help them save money for later in life. Typically, the employer and the government will also contribute to the pension scheme.
Auto Enrolment was first introduced under the Pension Act 2008 when the UK government discovered that too few employees were putting money aside into a pension. Employers must auto-enrol the following qualifying employees in the workplace pension:
• Those who work in the UK
• Those who are aged between 22 and State Pension age
• Those who earn more than £10,000 a year