Proactive organisations continuously seek innovative ways to attract and retain quality employees. Improving staff benefits through Group Income Protection is a great option to assist you in achieving these goals.
Group Income Protection (GIP) is designed to strengthen the partnership between the employer and their employees by showing that employers care about staff wellbeing inside and outside of work. GIP includes a myriad of benefits:
Productivity inevitably suffers when an employee is sick or injured. Having a solid GIP plan in place will ensure the employer is covered and not in a position where they feel obliged to continue paying a disabled employee beyond their sick leave when funds may not be available to do so.
Enhanced workplace relations
How you deal with a long serving employee who requires extended sick leave is important for the business’s reputation. As the insurer assumes financial responsibility by paying the income replacement benefit, the employer will not be placed in a potentially difficult position of having to decide whether or not to pay an ongoing income or terminate employment.
Living Standards are protected
GIP protects your employee’s greatest asset – their ability to earn an income. It protects your employees by paying an income replacement benefit if they are sick or injured and unable to work. Importantly, cover is provided twenty four hours a day, seven days a week, anywhere in the world, even while they’re on holidays.
There are possible tax advantages for GIP. The premium payable is tax deductible and does not attract Fringe Benefits Tax (FBT). Furthermore, wholesale premiums are provided, automatic acceptance of insurance cover takes place, and there are fewer restrictions on employee pastimes.
At Perks we have extensive experience and will manage the entire process for you, from identifying the most suitable policy, ongoing administration through to the management of claims when they occur.
If your employees require such cover under an Enterprise Bargaining Agreement (EBA), or you’re an employer looking to enhance your employee’s existing employment arrangements, the team at Perks can assist.
Disclaimer: Any financial product advice is provided by Perks Wealth Management Pty Ltd (AFSL No. 236551) (“PWM”). The information provided is general in nature and is not personal financial product advice. The information provided has been prepared without taking into account your objectives, financial situation or needs and because of this you should, before acting on it, consider the appropriateness of it having regard to your objectives, financial situation and needs. You should carefully read and consider any product disclosure statement that is relevant to any financial product that has been discussed before making any decision about whether to acquire the financial product. Please refer to PWM’s FSG for contact information and information about remuneration and associations with product issuers.
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