UK - More than a quarter of firms offer staff flexible benefits - up from just over one in five firms a year ago, a new survey shows.
Research carried out by salary survey provider Computer Economics shows holidays are the most popular benefit, followed by private medical cover, life assurance cover and dental insurance.
Computer Economics said its survey of 50,000 employees at more than 500 firms showed that 26% of respondents now offered flexible benefit packages compared with the 21% last year.
Computer Economics rewards consultant Trevor Morriss said moves towards flexible benefit provision were slow but steady.
“Costs in time and resources of administering such arrangements have traditionally proved a barrier but perhaps the development of software-based self-selection programmes is gradually creating the conditions for such plans to be introduced more widely.”
In addition the opportunities offered for employers to act as intermediaries for third-party suppliers offering discounted products to their staff gives employers the chance to extend their benefit provision.”
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.