Health and wellbeing have never been more important and as we mark World Mental Health Day this October, it is an important reminder for employers to assess the ways in which they are supporting the wellbeing of their staff.
An area often overlooked and underestimated is the support employees need when they are in ill health or have an accident and are unable to work. Group Income Protection can provide invaluable peace of mind to your employees and their families, knowing that they will be financially supported when they need it most. Investing in Income Protection for your employees could also help enhance your employee benefit package to attract and retain employees.
Show your employees you care and you will also benefit
Ø TFS Sickness Benefit Plan (Income Protection)
Transport Friendly Society (TFS) offers a straightforward Sickness Benefit Plan that pays employees a tax-free weekly benefit of up to £175 if they are off work sick for over a week. Considering the Statutory Sick Pay is often not sufficient to support people unable to work (including all COVID-related sickness), falling sick could significantly affect one’s finances and mental state. As we assist them financially, employees can focus on getting better and back to work sooner.
Monthly premiums start from as little as £3.47 per policy for our 5-week cover. You have control over the level of cover you would like to offer your employees – you simply choose the amount of weekly benefit (£70, £105, £140 or £175) and the length of cover (5-week, 12-week or 25-week cover). Employees can individually upgrade or top up their cover at their own cost if they wish.
If you take out a 5-week cover with a £175 weekly benefit,
the monthly premiums start at £16.47* per individual
*TFS Sickness Benefit Plan premiums are based on the age group of the individual at the time of opening their policy. The above premium applies to individuals aged 16-30. Once the plan is started, the price never goes up.
Our plan does not encourage employees to be off work. Benefits are only payable from the 8th day of sickness, while the amount payable is decided by the employer, and it will not exceed 75% of their normal earnings.
Our affordable plans could be the key to improving workplace wellbeing
More reasons to consider Group Income Protection from Transport Friendly Society:
- Additional free membership benefits – employees have the added bonus of receiving discretionary benefits after one year’s membership, making them eligible to claim money back on their dental, optical and osteopathy expenses
- Tax free benefits – All benefits paid out to your employees will be tax free
- Cost never goes up – The cost will not change once the plan has been started, however your employees, should they wish, will have the option to upgrade the level of cover at their own cost
- Additional hospitalisation benefits – hospitalisation cover can be added to all Income Protection Plans, paying out a daily benefit to those who are unfortunate enough to have to stay in hospital overnight. Monthly premiums start at just £1.13
- Employer cashback offer – As a way to say thank you and to cover the cost of collecting and processing premiums, you will be receiving 2% cashback on all premiums you collect.
Who are the Transport Friendly Society?
TFS started back in 1885 and has been providing peace of mind to its members ever since – with nearly 23,000 members across the UK in 2020, who are at the heart of everything we do as a mutual (non-profit) organisation. Our membership is open exclusively to those who work in passenger transport, their friends and family.
You can be confident that your employees will get the financial support they require.