The financial fallout of the pandemic has heavily impacted many workers, those lucky enough to retain employment might have actually saved money during the pandemic but for many their financial wellbeing has been decimated and they will be looking to their employers to help rebuild their financial resilience for the future. Employee benefits will go a long way to help educate employees on how they can avail of tax savings and general habit-building financial strategies for a better future.
Whilst there are signs of improvements in the labour market with may now getting the opportunity to return to work and in doing so, for some, this will mean that they can feel somewhat positive again about their personal finances. Though a recent study in the US showed that about half of working adults surveyed said the economic impact of the coronavirus outbreak will make it harder for them to achieve their long-term financial goals (according to Pew Research Centre survey). Those who said their financial situation had gotten worse during the pandemic estimate that it will take them three years to get back to where they were a year ago.
Evidence indicates that many employees prefer new or additional benefits over a pay rise and given these challenging times, it’s a good time for employers to give their employee benefits a makeover. In particular it’s a good time to prioritise benefits that strengthen your employees’ financial wellbeing.
Hubex Employee Benefits platform allow companies to present a range of employee benefits to staff in a flexible, tailor-made centralised platform. Developed with SME’s in mind, Hubex has created a benefits portal that is affordable and allows companies to offer a range of employee benefits, off the shelf, to staff.
PRSA
A Personal Retirement Saving s Account is a personal pension plan that employees can avail of to save for their retirement in a tax efficient manner. By making pension contributions via salary sacrifice employees can make significant Income Tax savings of up to 41%.
Taxsaver Commuter
The TaxSaver ticket scheme is a tax-efficient, salary-sacrifice employee benefit that provides a way of encouraging more adults to travel to work using public transport. The employee saves on income tax, PRSI and USC typically saving up to 52% on the retail price of a Bus, Rail or Luas ticket.
Bike to Work
The Bike to Work initiative is a tax-efficient, salary-sacrificed employee benefit that provides a way for employees to purchase commuter bikes up to the value of €1,500 (inc. e-bikes) whilst making a tax saving of up to 51% on the purchase price of the bike, which they can then pay for monthly.
FitHub
Now that gyms have reopened, many employees will be looking to renew their Gym membership, with Hubex you can offer a corporate discounted rate for employees gym membership fees for gyms all over Ireland.
These are just a few of the benefits available, depending on your requirements Hubex.ie can offer a whole range of benefits, from a single benefit to a flexible benefits package.
When reviewing your company benefits package consider what would best serve your team, the challenges they face and what would bring them some peace-of-mind. A more meaningful benefits package will bring that extra financial security to your employees and could also make the difference to you attracting and retaining top talent in your organisation.
