At Work in London


Benefits package in London


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National Insurance Benefits

NIC credits (or "credited earnings") can be claimed by people in need, including: retirement, unemployment, maternity and disability.

They are granted either to maintain a contributions record, or to those applying for benefits whose contribution record is only slightly short of the requirements for those benefits. In the latter case, they are unavailable to fill "gaps" in past years in contribution records for some benefits.

Statutory Sick Pay

If you are ill and unable to work for a period more than four consecutive days and less than 28 weeks, your employer is required to pay Statutory Sick Pay. To receive the benefit, you must tell your employer that you are sick and if asked by your employer, provide some form of medical evidence, from the eighth day of your illness
The standard rate is £79.15 a week. The benefit will be paid like your regular pay on payday.

Maternity Leave and Maternity Pay

Maternity pay is designed to allow the mother to take time off work to have a child. All female employees are entitled to 52 weeks of maternity leave (Statutory Maternity Pay - SMP). Additional, unpaid leave may also be requested. The partner of the pregnant woman is also entitled to two weeks leave (paid at either 90 percent of his salary or £128.73 - April 2011).

The employer must pay the first six weeks at 90 percent of salary. The next 33 weeks are paid at either 90 percent of your salary or £128.73 - whichever is lower. The remaining is unpaid. Some employer may offer better rates, such as full pay for the first 6 months.

Child Benefit

Child Benefit is a tax-free payment(usually paid every month) that you can claim for your children. Payments usually stop when the child reaches 16, unless they are in education or training that counts for Child Benefit.

Weekly rate - 6 April 2011
Child Benefit for first child £20.30
Child Benefit for other children £13.40

You should claim Child Benefit by completing form CH2 which you can get from the Child Benefit Office, HM Revenue and Customs (HMRC) Enquiry Centres or Jobcentre Plus offices. You can download this form from the HMRC website at:
www.hmrc.gov.uk/childbenefit.

When you claim Child Benefit, you will have to provide your national insurance number, or information to help the office find your number. If you do not have a national insurance number, send the form in anyway, to avoid delays.

Company benefits

Employees accept job offers not only upon the salary, but on the benefits that accompany many positions. Employee benefits are a "job perk" that may convince a potential employee to join a specific company. Evaluate what benefits are valuable to you when looking for a package.

    Example of Benefits that may be offered:
  • Company pension and additional voluntary contributions
  • Additional Holiday Time
  • Child care Assistance
  • Company Car
  • Discounted Products
  • Life Assurance (employee & spouse)
  • Retirement counseling
  • Private Health care
  • Sports Facilities
  • Travel vouchers
  • Home PCs
  • Retail Vouchers
  • Training and Development Schemes

Expatriates

To convince an employee to go abroad, there may be additional benefits to help ease the transition. The most common is an increase in salary.

    Other benefits may include:
  • Relocation benefits - Covers the cost of the actual move plus the help of a relocation agent to ease the transition
  • Accommodation benefits - Subsidized housing and a rental agent to help find accommodations
  • Language Training - Courses at home and abroad to help the employee integrate
  • Expatriate Family Benefits - Aid tuition payments for children, obtain visas and compensate for potential loss of income of spouse


Update 14/05/2012

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 Comments

 Cyril

18/05/2002

An example of a benefit package
EXAMPLE OF EMPLOYEE BENEFITS IN A BANK:
  • Bupa Medicals [you are entitled to use a private insurance for hospital or specific treatment needs],
  • Car allowances[if your company provides a car, or it might give you a lump sum allowance],
  • Eye Tests,
  • Group Benefits,
  • Holiday Entitlement[you can get a discount on holiday trips],
  • Payroll Dates,
  • Pension Scheme[if your company has a pension scheme, it might put in the pot 6% of your salary on top of your contribution of say 2%, and the same amount as you above],
  • Season Ticket Loan[instead of paying the annual season ticket in one shot, the company can buy it for you and you pay back 1/12th each month interest free deducted from you salary],
  • Share Scheme[after 6 months in the company you might be entitled to buy options or shares at a discount rate],
  • Tax Queries

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