Employee Benefits: A Guide For Small Business Owners

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Employee Benefits

Employers who provide their employees with valuable benefits are openly recognising that their staff are an integral part of their business.  More and more employers are looking at employee benefit packages as a way of recruiting and retaining the best employees. 

Points to Note

  • No matter how big or small your business is, there are affordable, tax efficient employees benefit plans available.  
  • The cost of employee benefit plans are minimal compared to the positive impact it creates for the business. Research shows that companies providing employee benefits are better at hiring, motivating and retaining staff.  

Types of Employee Benefits 

Employee benefits can include all or a combination of the following:

Life Cover

This is a low cost benefit which can be highly valuable to employees. 

Income Protection

Income protection pays a taxable income benefit in the event that you become unable to work due to an accident, injury or ill health.

Pension

An employee retirement plan is a very tax efficient way of assisting your employees provide for their future.

Serious Illness Cover

Serious illness cover pays a tax-free lump sum in the event of diagnosis of a serious illness. 

Other related services

A significant part of our business also includes reviewing existing pension schemes to ensure they are:

  • Value for money for both the employers and employees
  • Understood by all members
  • Complying with pension board scheme governance
  • Trustee training compliance advice

Part of our review process is our commitment to meet each individual employee in order to conduct a thorough financial review of their own personal finances. This meeting agenda is based on our unique 10 point financial health check which we go through in detail with each member. This is critical from both the employee and employer perspective so as to ensure they are getting the best possible advice available on all aspects of their personal finances. At the end of the day if employees are more confident about their financial futures they are much more likely to achieve greater efficiencies in the workplace.

Fahey Financial Solutions Ltd is regulated by the Central Bank of Ireland

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