Health insurance and life cover gain favour among UK workers

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Health insurance, life cover and childcare vouchers have increased in value among UK workers - with contributory pension schemes declining in popularity, research has found.

PMI Health Group's 2015 Employee Benefits Index which polled  582 UK adults, found 12% valued PMI highest, up from 11% in 2014.

Meanwhile 13% of the UK employees polled ranked life insurance top, up from 12% last year.

Counselling and EAP benefits meanwhile have also grown in importance in the last 12 months, with an increase in importance from 2% to 4%, as traditional stigmas about mental health begin to fade.

Research by PMI Health Group earlier this year revealed that more than half of companies now regularly engage with staff to gain an insight into their mental wellbeing.

Childcare vouchers saw the biggest rise in popularity with 11% of staff ranking them as their most valued benefit, up from 8% in 2014 and just 6% in 2013.

Mike Blake, director of PMI Health Group said: "The rise in popularity of health insurance may reflect the intense media scrutiny of NHS waiting lists and increasing restrictions on treatments.

"Life insurance has always been a valued benefit but auto-enrolment may have led to greater awareness, with more employees entering into schemes as part of their pension provision."

Although contributory pension schemes remained the most popular benefit, 28% of employees ranked them top, compared with 31% in 2014.

Blake added: "With pension provision becoming a mandatory entitlement through auto-enrolment, the status of schemes as an employee benefit may be declining".

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