Jelf Group has launched an online flexible benefits product that employers can pay for in stages to help those struggling to fund new projects because of the economic slowdown.
The ‘myreward’ lease will enable employers to spread the cost of implementing a flexible benefits scheme and total reward statements over a three-year period instead of paying large upfront costs in one go.
Employers will be able to pay for the flex package in 36 monthly or 12 quarterly instalments and can change the length of time between payments throughout the three-year period.
They will be given all the software needed to run a flex scheme, and access to consultancy services, administration support and help with running a flex marketing campaign.
Andrew Woolnough, benefits distribution manager for Jelf myreward, said: “This is about affordability for firms, especially now because of the credit crunch. The product is aimed at companies that have the benefits strategy but want to have control over the money they spend.”
Participating employers will have to pay a standard annual percentage rate (APR) over the three-year leasing period.
One employer has already signed up with Jelf to fund a flexible benefits scheme in this manner.