Employee Benefits in the UK

 

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Abstract

 
The UK has one of the most comprehensive and well-established welfare systems in the world. It is predominantly controlled by the social security system, which provides citizens with various benefits, as well as foreign nationals who reside in the UK. Welfare benefits in the country are disbursed under various schemes such as cash benefits, healthcare, education, housing and personal social services. Cash benefits are widely used, and are among the most popular social security schemes in the UK. These benefits are classified into three subgroups, namely national insurance, means-tested and non-contributory benefits. 

Description

The report provides in-depth industry analysis, information and insights into employee benefits in the UK, including:
o An overview of state and compulsory benefits in the UK
o Detailed information about private benefits in the UK
o Insights into the various central institutions responsible for the administration of the different branches of social security
o The regulatory framework and recent regulations relating to UK employee benefits
 

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Report Source Information

Supplied by: Research and Experts 
Date Published: 2014-10-27 

Report: Employee Benefits in the UK

 

Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
3 Country Statistics
4 Overview of Employee Benefits in the UK
5 Regulations
6 State and Compulsory Benefits
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Types of retirement plans
6.1.3 Eligibility
6.1.4 Age
6.1.5 Benefits
6.1.6 Payment options
6.1.7 Employee and employer contributions
6.1.8 Taxation
6.2 Death in Service
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Employee and employer contributions
6.2.6 Taxation
6.3 Long-term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Employee and employer contributions
6.3.6 Taxation
6.4 Short-term Sickness Benefits
6.4.1 Introduction
6.4.2 Eligibility
6.4.3 Benefits
6.4.4 Payment options
6.4.5 Typical employer practice
6.4.6 Employee and employer contributions
6.4.7 Taxation
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Typical employer practice
6.6 Workmen's Compensation
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Taxation
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment options
6.7.5 Employee and employer contributions
6.7.6 Taxation
6.8 Family Benefits
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment options
6.8.5 Taxation
6.9 Minimum Resources
6.9.1 Introduction
6.9.2 Eligibility
6.9.3 Benefits
6.9.4 Payment options
6.9.5 Taxation
6.1 Unemployment
6.10.1 Introduction
6.10.2 Eligibility
6.10.3 Benefits
6.10.4 Payment options
6.10.5 Employee and employer contributions
6.10.6 Taxation
6.11 Long-term care benefits
6.11.1 Introduction
6.11.2 Eligibility
6.11.3 Benefits
6.11.4 Payment options
6.11.5 Taxation
7 Private Benefits
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Work Injury Benefits
7.5 Medical and Health Benefits
7.6 Other Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices (US$)
8.1.2 GDP per capita at constant prices (US$)
8.1.3 GDP at current prices (US$)
8.1.4 GDP per capita at current prices (US$)
8.1.5 GDP split by key sectors
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-GBP
8.1.8 Unemployment rate
8.1.9 Household Consumption Expenditure
8.2 Demographics
8.2.1 Total population
8.2.2 Labor force
8.2.3 Urban and rural populations
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer
 

List of Tables

Table 1: Definitions
Table 2: The UK - Country Statistics
Table 3: The UK - National Insurance (NI) Contributions Thresholds
Table 4: The UK - National Minimum Wage, October 2014
Table 5: The UK Retirement Benefits - Determining Factors
Table 6: The UK - Class 1 NI Contribution Rates for Employee
Table 7: The UK - NI Contributions for Employers
Table 8: The UK Death in Service Benefits - Bereavement Allowance
Table 9: The UK Short-term Sickness Benefits - Statutory Sick Pay
Table 10: The UK Workmen's Compensation - Payment of Constant Attendance Allowance
Table 11: The UK Maternity and Paternity Benefits - Statutory Maternity, Paternity and Adoption Pay, 2014
Table 12: The UK Unemployment Benefit - Jobseeker's Allowance
 

List of Figures

Figure 1: The UK - Welfare Spending (US$ Billion), 2009-2014
Figure 2: Key Institutions of the UK Social Security System
Figure 3: The UK GDP at Constant Prices (US$ Billion), 2009-2013
Figure 4: The UK GDP Per Capita at Constant Prices (US$), 2009-2013
Figure 5: The UK GDP at Current Prices (US$ Billion), 2009-2013
Figure 6: The UK GDP Per Capita at Current Prices (US$), 2009-2013
Figure 7: The UK GDP by Key Segments (%), 2008 and 2012
Figure 8: The UK Inflation Rate (%), 2009-2013
Figure 9: The UK Annual Average Exchange Rate US$-GBP, 2009-2013
Figure 10: The UK Unemployment Rate (%), 2009-2013
Figure 11: The UK Household Consumption Expenditure (US$ Billion), 2009-2013
Figure 12: The UK Total Population (Million), 2009-2013
Figure 13: The UK Size of Labor Force (Million), 2008-2012
Figure 14: The UK Urban and Rural Population (%), 2009-2013
 

Scope

This report provides a detailed analysis of employee benefits in the UK:
o It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
o It covers an exhaustive list of employee benefits, including retirement benefits, death in service benefits, long-term disability benefits, short-term sickness benefits, medical benefits, workmen's compensation, maternity and paternity benefits, family benefits, minimum resources, unemployment benefits and private benefits
o It highlights the economic and regulatory situations relating to employee benefits in the UK

 

Highlights

o The UK has one of the most comprehensive and well-established welfare systems in the world. It is predominantly controlled by the social security system
o The Department for Work and Pensions (DWP) is responsible for the functioning of the overall social security system, including pensions and child maintenance in the UK
oMost private benefit plans in the UK are voluntary in nature (excluding work injury, maternity benefit and redundancy pay)
oThe UK's GDP at constant prices increased from US$2.3 trillion in 2009 to US$2.4 trillion in 2013, at a CAGR of 1.2%

 

Classification

Language Code: EN 
Region: United Kingdom 
Report Type: Industry Report 
Industry: Service Industries 
Sector: Insurance 
Pages: 71 

Reasons to buy this report

o Make strategic decisions using in-depth information related to the UK employee benefits
o Assess the UK employee benefits market, including state and compulsory benefits and private benefits
o Gain insights into the key employee benefit schemes offered by private employers in the UK
o Gain insights into key regulations governing the UK employee benefits, and their impact on companies
 

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Employee Benefits in the UK

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Regional Information

Taxonomy

Branch ID: 1408

Taxonomy Location

The taxonomy on the left shows the ancestors of the United Kingdom node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

Clicking on a parent category will present the list of reports in the parent node in a separate window.

United Kingdom

The UK economy is the second largest in the eurozone. Almost every industrial sector is well established in the UK and those worth mentioning include Aerospace, Agriculture, Automotive, Business and professional services, Chemicals, Construction, Consumer goods, Defence equipment, Education, Electronics, Energy, Entertainment, Financial services, Food and beverages, Healthcare, Hospitality and leisure, Industrial equipment, Information technology, Media, Pharmaceuticals and biotechnology, Processed metals, Real estate, Retailing, Scientific equipment, Telecommunications, Tourism, Transportation and logistics, Utilities.

The UK is emerging from recession in the Eurozone with growth in manufacturing and construction. The National Institute for Economic and Social Research is predicting growth of 2.5% in 2014 and 2.1% in 2015. Some economists predict that growth could reach 3% if inflation is properly managed. Unemployment is expected to fall to 6.5 -7% in 2014. Interest rates will remain low and inflation should remain around 2%.

Growth in 2013 was helped by a boost in consumer spending but that will not continue without an increase in wages and a higher debt-to-income ratio in the future.

The manufacturing and construction sectors are still not as strong as they should be and further investments in these sectors is required. 

One of the issues that businesses in the UK are keen to address is productivity and many companies are holding off on hiring and pay increases until this issue is tackled. 

David Cameron is keen to push more 'reshoring' of jobs in the manufacturing sector and 2013 saw over 1,500 jobs return to the UK in the automobile, clothing, manufacturing and other industries. The provision of cheaper energy including nuclear and 'shale gas' is seen as paramount to increased job creation.

Other challenges in the British economy include an aging population, youth unemployment, an inflexible labour market and competing with the US on energy costs. The US has the advantage of shale gas which is three times cheaper than British gas.

In an effort to increase competitiveness the conservative government is investing £375billion in energy, transport, communications and water over the next 5 years. This will be matched by £25billion from the insurance industry. Taxes have been cut and welfare has undergone reform. There are generous tax incentives for investors in start-up companies. All these efforts should go a long way towards driving growth in the UK.

Researchandexperts.com is a  leading source of market research on the UK.

Useful Links

World Bank Overview of the United Kingdom

CIA World Factbook on UK

National Institute for Economic and Social Research (UK)

UK Trade and Investment

United Kingdom

British Islands

Region

 

Europe

Fifty six sovereign states are listed with territory in Europe (six have limited rocognition). The 50 soverign states of Europe are Albania, Andorra, Armenia, Austria, Azerbaijan, Belarus, Belgium, Bosnia & Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark,  Estonia,  Finland, France, Georgia, Germany, Greece, Hungary, Iceland, Ireland, Italy, Kosovo, Latvia, Lithuania, Luxembourg, Macedonia, Malta, Moldova, Monaco, Montenegro, The Netherlands, Norway, Poland, Portugal, Romania, Russia, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom, Vatican City (Holy See).

The leading economies of Europe are Germany, France, UK, Italy and Russia.
 
Research and Experts, the market intelligence platform, provides companies with access to the latest leading industry reports covering the European region. Our company reports contain the following information; company overviews, key facts, key employees, products and services, as well as financial ratios. Our industry reports are vital sources of detailed historic and forecast values for markets in Europe, segmented at category level. Research and Experts reports also provide regional analysis and analysis of the leading companies in key European markets. 

Europe

Country

Countries

 

Industry Sector Information

Taxonomy

Branch ID: 381

Taxonomy Location

The taxonomy on the left shows the ancestors of the Insurance node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

Clicking on a parent category will present the list of reports in the parent node in a separate window.

Insurance

The insurance industry is facing many challenges in todays environment. Insurance companies need to adapt to the latest legislation and regulations which are slowing growth in many regions, manage high costs of doing business and identify new growth markets. 

Research and Experts provide companies with the information and analysis they need to grow their business. Our reports provide information on the industry on a global level and also at a regional and country level.

 

Industry Associations

Global Federation of Insurance Associations

American Insurance Association

British Insurance Brokers Association

 

Financial Services

Financial services are the services provided by the finance industry and include banking services, insurance services, real estate services and investment services. Since the recession began in 2008/09 banking services in many European countries and the US  have been a drag on the financial services sector due to non-performing loans. Financial services is set for a strong year in 2014 as the economy improves. The US is bullish about increasing loans, more mergers, acquisitions and IPO's and higher commodity prices which will all benefit this sector. 

Research and Experts provide a range of reports on the financial services sector with information on leading companies, best trading partners, best performing companies, market size etc.

Useful Links

The Fiancial Services Authority (UK)

The British Banking Association

The International Banking Federation

American Bankers Association

European Banking Federation

Financial Services

Service Industries

Our Service Industries reports cover the areas of Business Services, Financial Services, Tourism and Leisure, Consumer Services and the Public Sector. A strong services sector is an indicator of a well developed economy. Examples of economies with a strong services sector include US, UK, Luxembourg, Switzerland and Australia.

Researchandexperts.com is a reliable source of business intelligence reports from leading publishers on the service sector economy. Industries covered by us include IT services, banking, insurance, travel, media services etc. 

Companies in the services sector require competitive intelligence which will give them keen insights into market size, best trading partners, financial analysis and company rankings. A recent report by Plimsoll on the advertising industry reviewed 500 of the largest agents in this sector. ARENA BLM LIMITED was identified as being among the fastest growing companies while  UNIVERSAL MCCANN GMBH was selected as a best trading partner.    

Service Industries

Industry

Industries

 

 

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