5 Things The Employee Benefits World Taught Us This Week – April 10th
Here on DAM’s employee benefits blog, we take each Friday to review what’s gone on in the employee benefits world the previous week, looking at the five main employee benefit stories from the five previous days.
1. Pension Freedoms Day Didn’t See A Major Rush
On Monday April 6th the new pension freedoms came into force and pensions providers and Lamborghini salesmen alike expected a massive rush of over 55s looking to withdraw their full pension to splash out.
That didn’t quite happen as there was no midnight rush. We reported on Monday’s Pension Freedoms Day goings-on here.
2. More UK Staff Are Covered By Group Risk Insurance
Research from Swiss Re. has found that 200,000 more employees were covered by group risk insurance schemes in 2014, which equates to a growth of 7.9%.
3. Full Lunch Breaks Enhance Productivity
A study by AirConUK has shown that giving staff a full one hour lunch break makes staff more productive. Having monitored 1,350 workers, their study found that the employees who had taken a full hour’s break at lunch made 12% fewer mistakes and were even 10% more productive.
4. Starbucks Starts Paying University Tuition Fees
Coffee giant Starbucks has begun an interesting new employee benefits scheme in which it is paying the university fees of 140,000 of its staff. The scheme is only being offered in the US in partnership with Arizona State University, but if successful it could be extended to other areas of the country and globally.
5. Benefits Of Auto Enrolment Outweigh The Negatives
SMEs have reported that the disadvantages of Auto Enrolment are being outweighed by the advantages, according to Barclay’s Corporate and Employer Solutions. 54% of senior decision makers whose businesses have already complied with auto enrolment said that in general the benefits for small businesses was positive.