Benchmarking Employee Benefits in the UK for 2020

Request Asinta’s Market and Benchmark Insight Report for the UK and get the essential information you need to move forward in your decisions about employee benefits in the country. The report reviews statutory benefits, insured benefits, fringe benefits and perks, plan setup, and onboarding.

The following is an excerpt.

In lower-paid industries, you may find only senior managers in the UK are provided with supplemental employee benefits. However, if you have employees with substantial salaries (where the base salary is over £180,000) these staff may have limitations applied to pension contributions. Please note in 2017, the average UK salary in the Private Sector was £26,400

Pensions are a mandatory benefit

In the UK, pensions are a mandatory benefit and subject to legislation. In light of this, employers must comply with this legislation and auto-enroll eligible employees into an appropriate pension. In April 2019, the minimum contribution increased to 8%. The employer pays at least 3%. However, this is a minimum requirement. Most employers base their contribution strategy on industry norms and benchmarking data provided.

 

If you have further questions about benchmarking employee benefits in the UK, please contact us and we will put you in touch with Howden.