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Axa PPP reduces healthcare for staff

Axa PPP is reducing the amount of private healthcare it gives its staff in a bid to reduce operating costs.

The healthcare provider has introduced a lower cost version of the healthcare cover that it provides to all of its employees as part of a cost-cutting review.

Employees will now only be able to use private provision if they can not get NHS treatment within a six week time frame.

An Axa PPP spokesman says: “This approach enables employers to be confident that their employees can get the treatment they need within six weeks for a lower cost than the more comprehensive cover employers typically provide as a perk for senior managers.”

To cut costs further staff are also being asked to choose between a 5 per cent reduction in salary, a 50 per cent reduction in their annual bonus or an increase in working hours.

The spokesman adds: “We are confident that the measures we are taking will enable us to strengthen our business and ensure a more secure future.”

These provisions will remain in place until 2012.


Paradigm Norton stake for Macquarie

Macquarie Bank has taken a minority stake in Paradigm Norton Financial Planning. The Australian bank says it remains “open minded” about further investment in UK IFAs.


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