PricewaterhouseCoopers is restructuring its flexible benefits scheme to take account of the rising cost of private medical insurance (PMI) and to make holiday entitlement more clear to staff.
It is also rebranding the scheme to make it consistent with the rest of its remuneration package.
The accountancy firm, which employs 16,000 staff, is simplifying the way holiday trading and PMI are offered through flex to ensure employees value their perks and understand how they work.
Under the changes, which are due to take effect in October, employees will get bigger allowances to compensate them for the rise in the cost of core benefits such as PMI, which the organisation currently subsidises.
To simplify annual leave entitlement, staff will be given 25 days’ holiday, which they can trade up or down by five days. Employees currently have 20 days’ holiday with a further five funded days, which they can exchange for cash. They also have the option of buying an extra five days.
But this system can be confusing for PwC employees, said Carolyn Wilkinson, senior employee benefits manager.
“Now employees will get 25 days, which they have always had but they didn’t appreciate this. We want to ensure employees understand the full value of their benefits package.”