The law firm Mills & Reeve has decided to allow staff to flex their core benefits from April. It has also introduced salary sacrifice vehicles for pension contributions, a home computing initiative (HCI) and bikes for work plan.
The company has reshaped its offering following an employee survey. It has 700 staff working out of four UK offices, but only 590 will be eligible to flex their benefits because the rest are self-employed partners.
Currently, all employees receive death-in-service cover as a core benefit, with the level varying according to seniority and whether employees are members of the firm’s group personal pension scheme or group stakeholder pension scheme.
After two years’ service, staff are also entitled to income protection, which covers 75% of their salary.
Under the new scheme, employees can reduce their health cover, but not to below 45% of their salary. Life insurance can also be flexed, but only down to two times cover.
Sandy Boyle, HR director at Mills & Reeve, said: "If you do nothing your benefits will remain unchanged. You can flex your benefits [which will] increase or reduce your salary."
Through the new scheme, staff will also be able to buy or sell up to three days holiday per year.