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Friends Prov urges employers to keep benefits package

Friends Provident is urging employers to resist making cuts to group risk and health insurance benefits.

The provider says as economic pressures persist and businesses continue to review benefit packages, employers should avoid slimming down their overall employment package.
 
Its plea comes after a recent Friends survey found that 34 per cent of employees would take a pay cut rather than lose their health benefits. A further 21 per cent said they would accept a lower salary to receive income protection benefits.

The insurer says cutting such benefits could be counter intuitive and many employers could risk losing key staff in the event of a future upturn in the UK economy.
Group risk marketing manager Declan White says: “Employers are increasingly facing the quandary of whether to retain, revise or remove their employee benefit packages.  It is important for employers to consider not only the cost, but the perceived value of the benefits held by their staff, as part of their decision making rationale.”

In August last year, Friends signed a deal with technology provider FNZ to power its corporate platform, due to launch this year.

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