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30 April 2017
Many employees would contribute to employers buying them life, health or medical insurance, a new MetLife study shows.
The Employee Benefit Trends Survey shows 68% of respondents would split the cost of medical or health insurance, while 64% would contribute to income protection.
MetLife questioned 300 Australian company managers and more than 500 full-time staff.
“Employees aged over 41 are much less likely than their younger peers to say they would purchase some benefit if they have to pay for some of the cost,” the report says.
“But 68% of workers aged 51-60 would pay for medical benefits as their health becomes a more pressing concern.”
While older Australians are willing to pay for health insurance, they are reluctant to buy life cover through their employer.
The report says 59% of staff would pay for life insurance and 57% disability insurance.
“This may be because our superannuation system means many Australians already access a default level of life and disability insurance cover through their super fund.”
Employers can offer other benefits to employees, such as wellness programs, and the survey shows 34% are considering this over the next three years.
MetLife Australia CEO Deanne Stewart says it is pleasing to see employers embedding wellbeing into their benefits packages.
“Wellbeing is no longer an optional extra for companies wanting to attract and retain top talent,” she said. “Supporting employees across all aspects of wellbeing can have a flow-on effect to every facet of the organisation and drive positive business outcomes.”
She says employers must understand some wellbeing program basics, to ensure employees’ physical, social and emotional needs are met.
“This can involve a wide range of initiatives and programs, including ensuring work-life balance can be maintained through the right policies and procedures – also offering support for health and fitness programs.”
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