Supplementary employee benefits in Ireland are detailed in this Asinta report as well as mandatory and state sponsored benefits. Inside you’ll learn about the Irish benefits marketplace and employee expectations regarding their benefits package. Typical benefit design and costs are covered as well, and so are descriptions of how different insurance policies are set up, and how on boarding and policy administration works.
Supplementary employee benefits in Ireland
The employment legislation in Ireland tends to favor employee time off protections and extended periods of leave for life events such as the arrival or presence of children. However, the financial supports offered in the social security system are designed to effectively meet the bare necessities of life. Private pension provision is not mandatory for employers to contribute to currently and optional for employees. The levels of private sector pension provisions are comparatively very low when compared to other developed countries. The State pension age is currently 66. The public health system is sizable,and is reasonably well-funded from a public user’s perspective,but it is often seen as slower than the private medical system.
Health insurance is the most valued and popular employee benefit in Ireland, and it seems that it will continue to be, along with pension, life, income protection, and long-term disability insurance solutions.
Pension schemes are increasingly offered by companies and are most valued by employees from higher age groups and earnings brackets.
There is a continued interest in defined contribution plans. Most new schemes implemented by employers are defined contribution plans with the possibility of voluntary individual contributions made by employees.
Despite that, other social benefits are being valued more and more such as gym memberships, paid canteens, commuter benefits, and gift cards.
This information about supplementary employee benefits in Ireland is provided by Glennon, Asinta’s employee benefits consulting partner in the country.