UK - Nearly 90% of adults employed in regular work would be willing to sacrifice some of their salary for more employee benefits, according to new research by Aon Consulting.
The pensions, benefits and human resources consultancy firm found that of those working a regular week, more than half (58%) opted for extensive annual leave, particularly women and under 35s. In Scotland, three in five people favoured the possibility of an extended holiday.
In addition, 56% of workers surveyed were interested in taking a career break, Aon said in a release. Those who expressed the greatest interest were the Scottish (69%) and those in the South East (61%) with women and the under-35 age group also scoring highly at 58% and 64% respectively.
Some 60% of respondents in Scotland and half of all women surveyed (50%) favoured sacrificing part of their pay package for alternative health treatments, well above the national average of 42%, Aon revealed.
Commenting on the issue, senior consultant and actuary at Aon, Lisa Page, said: “Our research shows that UK employees want a wide range of benefits relevant to the way they lead their lives. Even more surprising, is the fact that employees would be prepared to go as far as reducing their salary in order to pay for the benefits they really want.”
She added: “Clearly employers have a fantastic opportunity to meet employees’ requirements and stand out from the crowd at very little expense.
“Under a flexible benefits plan, employees can benefit from the corporate purchasing power of their employer whilst personally choosing the best mix of salary and benefits to suit their lifestyle. A flexible benefits programme also allows companies to glean the best value out of their corporate benefits spend by ensuring that this spend is targeted to best possible effect.”
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.