In Ireland employees find medical benefits the most important benefit when choosing employment. Wellness is an increasingly important part of benefits offered by employers
Glennon Employee Benefits
A visit to Trinity College’s ‘Old Library’, in Dublin’s City Centre, is a must. Completed in 1732, the Library houses the Book of Kells, a visually spectacular manuscript created around 800 AD. The 65 metre Long Room is architecturally impressive and contains 200,000 of the library’s oldest volumes.
After health cover, employees view Risk (Life and Disability) as number 2 and Pension as number 3.
Medical Insurance is increasingly being promoted from a wellness perspective, rather than simply being offered as a plan to meet medical costs when a member or employee becomes ill.
Average Cost for Employer Sponsored Benefits
The average matching employee and employer pension contributions equate to 10% of annual basic salary. Typical medical plans cost €1,500 per adult, and these are fully subsidised by the employer. Employers also pay for risk costs (Life and Disability), which adds a further 1-2% of total salary cost.
Advice to Employers
Prior to establishing any benefits programme in Ireland we advise undertaking a sectoral benchmarking exercise as benefits can vary significantly between industries.
There is currently only one statutory Employee Benefit all employers are required to provide – this is access to a PRSA (Personal Retirement Savings Account) facility. Employers do not require to make contributions to this type of pension plan.