Workers ditching employee benefits such as income protection for cash
Thu, 21 Oct 2010
An increasing number of UK workers are giving a short-term boost to their salaries by contracting out of their company's employee benefits, according to research conducted by Unum .

A study from the provider has revealed that 38 per cent of companies have witnessed a growing trend over the past two years for employees to relinquish benefits such as income protection, life insurance or pension contributions, for a cash lump sum. In addition, around one in five (18 per cent) companies has witnessed a decrease in the amount employees are contributing into their pension schemes.

Marco Forato, Unum's Chief Marketing Officer, said: "We're witnessing several concerning trends that would point to many employees currently taking a very short-term view of their financial situation. Although there's no denying that a lot of people are struggling financially as a result of the recession, workers should only opt out of long-term financial benefits as a last resort."
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Critical Illness Cover

Critical Illness Cover

Protect your family should you become seriously ill or disabled.

Critical Illness Cover
Family Income Benefit

Family Income Benefit

Protect the family income with a family income benefit quote.

Family Income Benefit