UK - Gissings is launching a new package which, it says, will slash flexible benefit costs for small to medium-sized firms by up to 80%.
The consultant says its Value Flex package will offer everything that the bespoke flex packages offer – but at a fraction of the cost. It estimates that bespoke packages cost around £60,000 to £100,000.
Gissings believes this is a “prohibitive amount” for small to medium-sized firms which typically have less than 500 employees to consider.
Value Flex clients will receive total reward statements, a centralised database as well as a combination of core benefits, discretionary benefits and additional services.
These core benefits include a DC scheme, death-in-service options, permanent health insurance and medical cover.
Some of the discretionary benefits include personal accident, dental, critical illness and spouse life cover; travel insurance, childcare vouchers, a tax return and a concierge service.
Gissings claims companies will only pay around £20,000 to £30,000 for the package, depending on the options selected. Additionally, Gissings will carry out all scheme administration.
Senior flexible benefits consultant Elliott Webster said: “There is a huge interest in flex among smaller firms but the costs of implementation have always been too prohibitive. But thanks to advancements in technology, the costs have now dropped significantly.”
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