In the latest edition of Irish Building Magazine, Susan O’Mara explains the importance of reviewing pension schemes now and the proposed Pension Auto Enrolment . CPAS return as sponsors of The Irish Construction Excellence Awards (ICE Awards) for 2024 and are proudly aligning with the Health, Safety & Wellbeing category.
THE Health, Safety & Wellbeing category seeks to recognise companies that promote the importance of health, safety and employee wellbeing in the Construction Sector.
Employee Wellbeing
“Employers who currently have an occupational pension scheme in place should consider reviewing their schemes now.” Susan O’Mara — Business Development Manager
There are several factors to take into consideration when we look at employee wellbeing including topics such as financial security and health. Salary alone does not cover financial security and employer sponsored pension and benefits packages are a cornerstone of financial security for employees.
Back in 2017, Irish Life carried out a piece of research that found that employees who are included in their employer’s pension scheme are likely to feel that “Pension plans that employers contribute to are the second highest valued workplace benefits for employees in Ireland.” A lot has changed in the intervening years with workplace flexibility being a current favourite – but employees provided with pension schemes with an employer contribution tend to value their employer’s contribution to their peace of mind for their future financial well-being.
With pension auto-enrolment due to commence in 2024, Pensions have been and will continue to be topical, particularly in the media. Employers who currently have an occupational pension scheme in place should consider reviewing their schemes now.
Other benefits that are meaningful for employees’ financial well-being include Death in Service benefit, and cover when sick.
Death Benefit is typically provided with the Pension benefits and provides a lump sum payable on death. This cover is for the unexpected, but when the unexpected happens, it provides financial comfort for employees’ family and dependants.
Income Protection is another important part of a benefits package. While many of us can expect to live well into our retirement years for 1 in 4 people it’s not all plain sailing and illness or injury can be an unforeseen life event.
The World Health Organisation (WHO) stated that globally, life expectancy increased by 5 years between 2000 and 2015. You can expect to live well into your retirement years (past age 65) but for the aforementioned 1 in 4 people, an unexpected illness or injury could have grave financial consequences.
Income Protection simply put is a policy that insures a portion of a person’s income, so that in the event of a loss of earnings they can make a claim against this policy, to replace some of these lost earnings. Such loss of income is a very real concern for employees and therefore those offered access to a policy by their employer perceive this as a very valuable benefit. Furthermore, the cost can be significantly less than if an employee applies for similar cover on an individual basis. Additional health benefits included with the death benefit and Income protection benefits ranges from FREE access to online GPs and health and wellness seminars.
If you are an employer, looking to enhance your benefits package to attract and retain your valued workforce, you should consider the benefits of a great benefits package.
CPAS are the specialists when it comes to pension provision and financial advice for employers and staff in the Construction sector. CPAS administer the Construction Workers Pension Scheme and the Construction Executive Retirement Savings (CERS).
For more information and to find the right solution for you, contact our team for a no obligation discussion. Our team of financial specialists will put you in touch with the right team member. No obligations, no hidden fees, no jargon – just a straight forward chat to help you secure your present and your future.
Contact us via email (info@cpas.ie) or by phone (01) 223 4949
