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Telegraph
27-05-2025
- Business
- Telegraph
The most valuable work perks, and how to squeeze the most out of them
When you start a new job, you'll likely be focused on your new responsibilities and salary, and perhaps even how much holiday you can take. But there's far more value – thousands, in fact – that can be squeezed out of employers these days, if you make the most of the extra perks on offer. In a bid to attract the best staff and keep existing workers happy, companies often put together great benefit packages – which can include boosted pensions, private healthcare and even free meals. However, many of these rely on you actively opting in and using them to maximise their full value, making it easy to miss out. Here, Telegraph Money has rounded up some of the key employee benefits you might be entitled to and how to make the most of what's on offer: Get maximum workplace pension perks Maximise private medical insurance Save on life insurance Travel discounts Look after yourself, while making savings Cash in on corporate discounts Monetise your holiday Free meals Get maximum workplace pension perks Most employees are automatically enrolled into their employer's workplace pension. It is possible to opt out of the scheme so that you have more money in your pay packet, but that means turning down one of life's few instances of free money – as the rules are that if you contribute, so does your employer. The minimum auto enrolment contribution to an employee's pension savings is 8pc of qualifying earnings. Employers must pay at least 3pc and the employee the remaining 5pc. However, some employers might incentivise staff to stay and offer to pay more, when you do. Andrew King, retirement planning specialist at wealth management firm Evelyn Partners, said: 'Many employers in the UK match pension scheme funding over and above the basic minimum legal requirement for workplace pensions. 'Some generous employers will offer staff higher levels of contribution provided they are matched by the individual. In some cases this can be as high as 15pc of an individual's salary.' As an example of the potential benefits of upping your contributions, Evelyn Partners analysis shows that a 28-year-old earning £35,000 a year, who has already saved £12,000 into a pension and is now joining a new employer's workplace pension scheme with the basic minimum contributions, could have £399,923 in their pension by the time they reach the age of 67, assuming growth of 5pc and a level salary. So, using the example above, if an employer offered matched funding of 8pc contributions, the 28-year-old could build up a fund of £719,400 by the age of 67. If the employer was even more generous and offered matching of 12pc of salary, the pension fund value at retirement would rise again to £1,038,850 at age 67. Your employer might also offer a salary sacrifice scheme which is a way of paying less tax and boosting your pension fund. However, be mindful that in using salary sacrifice your official annual earnings are reduced which could affect eligibility for other benefits such as parental leave and impact borrowing capability for mortgages and loans. Don't forget to ensure you have completed a nomination form – also known as an 'expression of wishes' form, which spells out who benefits should be paid to in the event of your death. Maximise private medical insurance Private health insurance is often provided as part of an employee benefits package. Employers pay the premium, the cost of which can be deducted from their taxable income. Depending on your plan it can cover a wide range of treatments. Such as seeing a private GP, physiotherapist or mental health professional. While you won't pay any premium for private medical insurance provided by your employer, you'll pay a tax. This will show up on your payslip as a 'benefit in kind' and will be charged income tax at the employee's usual rate relative to the cost of the insurance premium. So, if the benefit is worth £500 per year and your tax rate is 20pc, you'll pay just £100 additional tax per year to have this benefit. You can make further savings if you extend the healthcare plan to family members as this can often be more cost effective than taking out a separate private policy for your family. There might be some extra perks up for grabs from your health insurer which encourage living a healthy and active life. For example, Vitality benefits include discounted gym membership at several national gym chains, half price running shoes and money off healthy food at Waitrose. Healthcare cash plans can also be worth considering if you're offered one. If you need to pay for treatment at the dentist, optician or chiropractor, for example, you can claim some or all of that money back – up to a certain limit per year. Some plans will even refund you for wellbeing treatments, such as reflexology. Save on life insurance You might be offered life insurance and critical illness cover as part of your employment package – two important safety nets that can keep a family afloat when life takes an unexpected turn. As part of the benefit you would get the insurance premium paid for you, and you'll just pay the tax under the 'benefit in kind' rule. For life insurance – which is sometimes known as 'death in service' cover when it's an employee benefit – if you die within the policy term, your beneficiaries file a claim to receive the payout. This usually offers a payout of three or four times your annual salary. This money can replace your income so your beneficiaries have time to adjust to the changes in their finances and stay in the family home. Those who stand to benefit from this perk are those with dependants – either a spouse or civil partner and children. The amount this perk can save you depends on what a personalised premium might cost with an insurer direct. The average annual amount according to is £238. But for some it might be much more. Rhys Jones from said: 'If your employer offers life insurance as a work benefit, you may wonder how useful this is – and how much money it could potentially save you. 'Life insurance is a valuable safety net in the unfortunate circumstance something happens that affects your health or life, helping make sure loved ones aren't left unprotected. If this is something you can get for free as part of your employment package, it's well worth taking advantage.' Remember, you might need to opt into a life insurance perk, but even if it's automatic, it's important to nominate a beneficiary to make sure the money goes to the right person – and that there's no delay in the payout being made. Travel discounts If your company offers an interest-free season-ticket loan you can benefit from the reduced overall cost of commuting. The scheme allows you to buy an annual ticket – which overall works out much cheaper compared to monthly or weekly tickets – but spread the cost monthly. The loan is repaid to your employer through payroll each month and is usually spread over 10 months. Someone commuting from Salisbury to London five days a week could save over £1,000 a year by buying an annual ticket – costing £7,108 – compared to monthly tickets which would rack up a bill of £8,188.80 in a year. If you don't use the train to commute there are other schemes that might help. Through the 'cycle to work' scheme you can purchase a bike and accessories via salary sacrifice which means you save on income tax as well as National Insurance. Estimates suggest you can save up to 47pc on the cost of your new wheels. Look after yourself, while making savings More employers are recognising the importance of wellbeing to help combat stress, anxiety and depression, and promote good mental health. As such, it's worth checking what your employment package offers. You might get free stress management classes, mental health training and even financial wellbeing coaching – which could cost hundreds if you were to book sessions privately. According to Barnett Waddingham, a professional services consultancy, companies are waking up to how beneficial wellbeing perks can be – and they've even branched out to helping workers manage their money. David Collington, head of benefit consulting at Barnett Waddingham, said: 'The cost of living crisis has taken its toll and so more people need support with their money matters. It's worth figuring out if your firm offers such support through a specific wellbeing package or part of a more general employee assistance offering. 'Such benefits could be worth hundreds, if not thousands to some individuals.' Gym discounts are also popular, which can also prove very valuable – particularly if you sign up to a city gym branch, which tend to be more expensive. Cash in on corporate discounts Whether you're buying a big ticket item, or for everyday spending, you might be able to access discounts on goods and services – such as at local retailers – as a work benefit. For example, workplace benefit provider Reward Gateway, which provides packages to companies to pass on to staff, says it offers access to savings and cashback at more than 900+ top retailers, from groceries and daily essentials, to technology and travel. The catch? Making purchases can be much more complicated than just going directly to a website or shop. In some cases you'll need to buy a voucher for the retailer you want to spend with. Alternatively, there may be certain codes you need to use, or affiliate links to click through to. Make sure you know the terms of the deal beforehand so you don't miss out. Monetise your holiday Some employers offer the option to buy or sell a certain number of holiday days per year. Most commonly, people will want to buy more, but if there's a year where you don't plan on taking many trips – you might decide to swap some days for cash. For someone earning £50,000 a year, selling five days' holiday could create a boost of around £1,000, according to calculations by Barnet Waddingham. Mr Collington added: 'Some employers are pulling away from this option, however, as they prefer employees to take enough holiday to ensure they have proper breaks from work to keep stress and anxiety at bay.' Free meals Finally, while some free toast or a cheap sandwich might not change your fortune, remember that every little helps. In a bid to encourage workers back to the office, some firms offer free breakfasts and lunches, while others may have a subsidised canteen for meals and snacks. Given a daily trip to a high street sandwich shop can easily set you back £10 a day, for some workers this expense can mount up to around £2,600 a year – so if your workplace offers ways to cut the costs, it's almost certainly worth it. For smaller offices without catering facilities you might find there's just a fruit selection somewhere for staff to help themselves, or a tea and coffee machine. Even this will help bring down what you spend on snacks and takeaway coffees during the week.
South China Morning Post
08-05-2025
- Health
- South China Morning Post
How does Hong Kong plan to make private hospital fees more transparent?
Hong Kong's health authorities proposed a raft of measures to improve price transparency among private hospitals and clinics earlier this week, in a bid to attract more people to use their services and relieve pressure on the public sector. Advertisement The Post looks into why the government is taking a bolder approach to the local private healthcare sector. 1. What are the concerns about price transparency? The Consumer Council earlier criticised private hospitals for their lack of transparency when it came to pricing information and charging mechanisms, and published a study in March that looked into the problems faced by patients. The consumer watchdog also said that not all day procedure centres disclosed their prices online, and the information they did share was often not very comprehensive. The information provided by the private hospitals could also be difficult for ordinary consumers to understand, according to the council. Advertisement There were also discrepancies in prices for the same type of treatment in different private hospitals. For example, the bill for surgery for removing haemorrhoids varied from HK$33,881 (US$4,370) to HK$85,387.
South China Morning Post
07-05-2025
- Health
- South China Morning Post
Hong Kong may require private hospitals to give price estimates to patients
Private hospitals in Hong Kong may be required to provide price estimates to patients and release information about past fees and charges under the government's proposals to increase transparency in the sector. Advertisement The Health Bureau said on Wednesday that residents needed clarity on charges in the private healthcare system. 'Price transparency is crucial for the public in determining whether to choose private medical services,' the bureau said in a paper submitted to the Legislative Council. 'If it is not handled well, Hong Kong's medical system will fall into a vicious cycle.' The bureau said unclear pricing made residents hesitant to use the private sector, which put further pressure on the public system. The consequences could be detrimental to the quality and efficiency of the healthcare system, the bureau added. Advertisement Under the proposals presented to the legislature, private healthcare facilities – hospitals, day procedure centres and clinics – would be required to release pricing information on their services in a format specified by authorities.
