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ONE IN FOUR PUBLIC SECTOR STAFF BELIEVES BENEFITS ARE BETTER

ONE IN FOUR PUBLIC SECTOR STAFF BELIEVES BENEFITS ARE BETTER

But private sector gets better perks  apart from pensions, MetLife research shows

Nearly one in four (24%) public sector workers believe their employee benefits are better than counterparts in the private sector even though research* by MetLife’s Employee Benefits business shows that is not always the case.

Its nationwide study shows public sector staff are up to six times less likely to receive a range of employee benefits including private medical insurance and income protection.

However public sector workers are much more likely to receive pensions and additional paid holiday above the statutory minimum than counterparts in the private sector, according to MetLife’s research.

They study shows 56% of private sector workers believe that the public sector offers better employee benefits and that is borne out by the figures on pension provision.

Around 76% of public sector workers have access to pension schemes with employer contributions compared to just 47% of those working in the private sector. Another 10% of private sector workers have pensions without employer contributions compared with 8% of public sector staff.

But on other major parts of the employee benefits package the private sector performs better as the table below shows.

EMPLOYEE BENEFITS ACCESS

Benefit

PRIVATE SECTOR             

PUBLIC SECTOR

Private medical insurance

10%

3%

Income Protection

15%

6%

Life Assurance

24%

4%

Additional paid holiday above statutory minimum

29%

46%

 

Stephanie Baillie, Employee Benefits Director at MetLife, said: “The private sector versus public sector debate has understandably focused on the cost and provision of pensions but in reality the picture is more complex.

“Employees in the private sector benefit from access to a wider range of other employee benefits which should be factored into any discussion.  A well designed employee benefits package can be very valuable for staff.”

MetLife has expanded its UK employee benefits business as part of its ongoing growth strategy which includes the launch of a dedicated sales support team to help increase the focus on intermediaries.

It has also upgraded its Brighton office* as the UK hub for the sales and administration of its employee benefits and individual protection businesses with around 150 people working in the centre initially and space for additional recruitment as the businesses develop.

Since 1 August 2011 all new protection business has been written by MetLife Europe Limited, following MetLife’s acquisition of insurer Alico in November 2010, making Brighton a core business centre for MetLife as it executes its ambitious growth plan in the UK.

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