Income protection/employee benefits

Income protection/employee benefits

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As a general query, I'm interested in finding out who's responsibility it is to communicate and buy employee benefits for small to medium sized businesses, such as income protection?

I'd also be interested in finding out how HR and finance departments work together on these issues - so if you're an FD or have former experience of it I'd really appreciate your feedback.

Thanks!

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By JoeOBrien1983
10th Feb 2014 09:44

Nobody has responsibility, as such.

An employee benefit is a perk, however if the employees contract of employment states that an employee or indeed a section of employees are entitled to such a benefit the company would need to set up an arrangement.

Often, HR would arrange with an IFA with costing agreed by the FD. For smaller businesses it would often be just the director(s) or somebody they have appointed to oversee the process, such as a manager.

If the employee has details of such benefits in their contract of employment and they don't actually have the benefit the company would be in breach of contract and the employee could raise a grievance with them, ultimately leading to a legal proceedings if not resolved internally.

If it's not in their contract of employment, the company doesn't need to set up the benefit.

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