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FLEXIBLE BENEFITS (Objectives (emphasise the monetary value, harmonise…
FLEXIBLE BENEFITS
Objectives
emphasise the monetary value
harmonise different benefit entitlements
provide a relevant and compelling reward package
maximising National Insurance savings
Types
Modular Plans
predesigned package of benefits
Cafeteria Plans
choose from a variety of pretax benefits
Core-plus
coverage in core areas
Employer's Perspective
Pros
Recruitment & Retention
Financial Control
Meeting Employee Needs
Cons
Sharing Information
Setup Costs
Employee's Perspective
Pros
Extra cash in hand
Healthier employees
Control of Benefits and Expenses
Cons
Potential to lose money
Lack of Portability
Implementation