Almost a third receive no workplace benefits

Nearly a third (31%) of employee respondents do not receive any workplace benefits, according to research by Canada Life Group Insurance.

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Its survey of more than 850 employees found that this was an increase of 5% from the 26% who reported this in 2014.

The research found that almost a quarter (24%) of employees would like to receive income protection so that it covers them when ill or injured, but only 6% of respondents currently receive this.

Similarly, 17% of respondents would like a critical illness policy that pays out a lump sum should they become critically ill but only 4% receive this.

Private medical insurance (PMI) topped the employee benefit wish list with 29% of respondents wanting to receive this from their employer. However just one in ten (11%) currently receive this as a benefit.

In addition, the research also found that one in five respondents (20%) believe that critical illness cover is the most useful benefit for those working past the age of 65, up from 18% in 2014.

This is followed by income protection (19%, up from 16% in 2014) and life insurance (11%). 

Paul Avis, marketing director at Canada Life Group, said“Older employees will often need specific support, particularly as health issues tend to be more common among those who work beyond the age of 65.

”It is therefore concerning that such a large number of employees fail to receive any benefits in support of this, with almost a third receiving no benefits at all.

“Workplace benefits are an integral part of staff recruitment and retention, as well as offering invaluable support to employees and their family members should an accident or illness occur.

Auto-enrolment has created the perfect opportunity for organisations to review their whole benefits offering, and many protection products can be brought in at a relatively low cost.

“As smaller companies reach their AE staging date, all employers should be considering whether their benefits package supports a happy and productive workforce.”