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Actuarial Post - Recruitment and retention a key reason for offering GIP

Recruitment and retention are among the main reasons employers offer group income protection (GIP) to their staff, shows research* from industry body GRiD, which represents the group risk protection sector (employer-sponsored life assurance, income protection and critical illness cover). Equally important to businesses, is using the benefit to help them meet their obligation to look after staff and families.

 The top reason employers gave for offering GIP to their workforce is that they believe Statutory Sick Pay is insufficient to actually support people unable to work (30%). With the onus of responsibility for looking after the welfare of staff is increasingly falling on the shoulders of employers, group income protection is being widely recognised as a central tool to help. Even to the extent of being debated last month in parliament**, group income protection was put forward as being key in helping employers support their staff and help get them back to work. This is particularly so in supporting those in mental ill health – the biggest cause of claim*** on the insurance.

 Katharine Moxham, spokesperson for GRiD said: “Group income protection is the jewel in the crown of employee benefits, from offering financial support for employees unable to work through sickness or injury through to access to specialists to support them emotionally. Employers too have access to specialist advice, case management and mediation. When employers utilise the benefit to the full they get great value.

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