BENEFITS
IDS guide to benefits packages
Economic recession has put HR under pressure to keep employees engaged while keeping a lid on costs. Having a strong employee benefits package is key to shifting the emphasis away from annual salary increases and onto the value of the total employee proposition. That’s one the main messages to emerge from a new guide to employee benefits by IDS.
The report looks at how voluntary benefits can provide a cost-effective means of widening the benefits available to staff. It also examines how salary sacrifice works, and how such schemes can offer substantial savings on tax and national insurance contributions.
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What you will find in this report
This 46-page report is divided into three main sections:
1. Analysis
Introducing voluntary benefits:
Putting a package together
At a glance: Creating a successful voluntary benefits package
Raising awareness
Making a purchase
Contents of a typical voluntary benefits package
Measuring satisfaction.
Understanding salary sacrifice:
Tax and NI savings
Changes to the treatment of salary-sacrifice schemes
Considerations for employees
Considerations for employers.
Trends in occupational pension provision:
Defined benefit schemes
National Employment Savings Trust
Defined contribution schemes.
2. Case studies:
AXA UK
John Lewis Partnership
North Yorkshire County Council
TD Waterhouse
TUI UK & Ireland.
3. Company practice
Summaries of the voluntary benefits schemes at ten named organisations.
Want to know more?
Title: “Employee benefits”, IDS HR Studies 915, April 2010.
Availability: IDS HR Studies is a fortnightly journal and online service analysing employers' HR policies, procedures and practices. For subscription enquires contact customer services, tel: 0845 600 9355. To subscribe online click here.
Incomes Data Services is the “leading UK information and research service on employment issues, providing a range of publications for employers, trade unions, government departments and other agencies”. For more details visit www.incomesdata.co.uk.