Inflation is driving up the costs of employee benefits, leaving companies who wish to support their employees’ heath and wellbeing, facing difficult challenges.
As salaries increase, any employee benefits based on a multiple of salary (life, accident, disability) will increase, which will in turn lead to higher premiums.
Insurance companies are facing rising costs and likely to increase administration and other premium loadings.
There has been a focus in recent years on employee well-being and financial well-being is an integral part of this. Employees hit by the cost of living crisis may reduce or stop their employee pension contributions, which may have a detrimental impact on the pension pot available to them on retirement.
If you would like more information on these complex issues, please contact us on info@ebcam.co.uk.