Most Irish workers rank the importance of healthcare cover ahead of pensions, according to a new survey of employee benefits.
Employees not already in a retirement plan will be automatically enrolled in a pension scheme under new laws due to come into force next year. But a study by leading broker Dooley Insurance Group shows that workers rate full health insurance as more of a priority than pensions.
The survey found that 56 per cent of those questioned preferred health cover as against 49 per cent for both pensions and four-day weeks.
Respondents were allowed multiple preferences when taking the benefits survey. Dooley Insurance noted that it was a representative group of about 1,000 adults aged 18 or older.
The broker, one of the biggest in the Leinster region, undertook the survey in response to rising interest in work benefits on the back of the auto-enrolment pension plan.
[ Government needs to explain auto-enrolment to workers, says industry expertOpens in new window ]
Tim Dooley, the group’s chief executive, pointed out that the Covid pandemic sparked more awareness of health insurance among Irish workers.
“The increased cost of living has also made employees look outside the box in terms of realising and availing of tax-efficient benefits,” he said.
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Higher pay means higher taxes, so more workers look at their overall benefits package, including their employer’s contribution to their pensions, Mr Dooley noted. “There is no doubt that employees, and especially younger ones, are more aware and less shy about looking for various company benefits as part of their employment in a company than they were just 10 years ago.”
Auto-enrolment is prompting more employers to offer full benefits, including health cover, income protection and life cover, Mr Dooley added.
The survey found that younger workers were more likely to opt for gym membership and increased working from home, while those aged 35 to 44 preferred company cars. Older workers mostly chose health and pensions over other benefits.
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