Smeg UK has reviewed its private medical insurance (PMI) provision, opting for a hybrid PMI and cash plan to save on costs and improve service levels.
Previously, it provided PMI for all its 40 staff. It will now use the sum it would have spent on PMI premiums to fund a group healthcare deposit account through National Deposit.
Half will be put into a PMI scheme and the other half will be paid into individual employee cash funds, which staff can access to pay for cash plan-style perks, such as dental and optical care.
Janet Rothwell, Smeg’s HR manager, said it was no longer feasible for the company to retain PMI, adding: “We were determined to retain health cover for our employees, but had to find something that was more cost-effective.”