ICI has just launched a flexible benefits scheme for employees.
To purchase perks though the flex scheme, which went live last month, staff must give up some of their core benefits entitlement.
Ralph Turner, director of benefits at the paints, adhesives and speciality products business, said: “We are not increasing their pot [of money], but some of those benefits have a value already. For example, everyone has four-times life cover and they can trade down to two.”
The scheme includes benefits such as childcare vouchers, personal learning accounts, bikes for work, mobile phones, charitable donations, health assessments, and dental cover.
Staff could already salary sacrifice their pension contributions, but this option has now been moved into the company’s flex scheme.
Turner added that employees who decide to take up a personal learning account will receive extra contributions from the company.
Turner joined ICI at the start of the year from his position as group pensions director at Brambles Industries.