Actuarial Post - Benefits give financial and emotional support during Covid19

Benefits that provide financial and emotional support to employees when the worst happens are coming into their own right now. With the new government directive to work from home where possible, and many employers looking at how to retain staff under new circumstances - such as with reduced hours or on furloughed pay - employers have a lot to consider in terms of managing their business and staff.

Some employee benefits are designed to provide financial and emotional support for staff who are absent through ill-health, or to dependants of employees that die, such as group risk benefits (employer-sponsored life assurance, income protection and critical illness). Indeed, nearly 2.5 million* employees in the UK are covered by schemes that will provide financial support if they’re unable to work through illness, and over 9.5 million* employees are covered by schemes that will pay out a lump sum to their dependants if they die while employed.

It’s easy to overlook the value of such benefits during times of normal working practice. However, during the current Covid-19 pandemic, many employers are now looking at the detail of such schemes to ensure they’re getting support for their staff and their business.

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