Employers have to look at their employee benefit provision now if they wish to avoid litigation when...
Employers have to look at their employee benefit provision now if they wish to avoid litigation when age discrimination legislation comes into effect in October, Watson Wyatt has warned.
The consultant firm cautioned that companies failing to comply with the new rules could face hefty compensation bills.
"This is one legislative change companies cannot afford to ignore and it covers a wide range of employee benefits, not just pensions," said Wendy Dixon, consultant in the healthcare and risk practice at Watson Wyatt.
"Companies should be carrying out thorough audits prior to October, cataloguing and reviewing their employee benefits before it is too late. Failure to comply could result in legal tribunals with serious cost and reputational risk consequences," she added.
Urging employers to examine all current policies and practices where age is a factor, Watson Wyatt said potential problem areas include minimum and maximum entry ages on group policies, age-related benefit levels and age-related benefit rates.
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