Employee Benefits Package
Monahans Employee Benefits Service.
At Monahans we understand that recruiting and retaining the best possible people is becoming ever more difficult and employees are increasingly looking for a benefits package which covers more than just the basic salary when making career decisions. Therefore we have developed a range of services so you can offer your employees the package that meets their needs, with minimal administration and cost to your business.
Alternatively we also offer a review of your current employee benefits package to ensure that you are enjoying the best deal available.
Our employee benefits team consists of experienced individuals from our financial services business, our tax team, our Payroll department and our HR department, with Mervyn Osman of Monahans Financial Services Limited heading up the team.
Mervyn Osman
Monahans Financial Services Ltd
This blend of expertise means we can provide a one stop solution to any employee benefits requirement, enabling you to provide a package which will meet your employment needs with minimal hassle for your business. Mervyn Osman, who is leading the team explains that “this unique combination of in-house expertise means we can provide a one-stop solution to any employee benefits requirement. We can work with you to improve your staff recruitment and retention, or if you are already offering various elements of this service, we may be able to reduce your costs and level of administration.”
We cover a wide range of employee benefits in our package including the following:
Individual Financial Advice
Monahans can facilitate workshops to inform and educate your employees across a range of subjects in a cost effective way. HM Customs and Revenue allows a payment of up to £150 per employee per annum for financial advice without it counting as a benefit in kind, providing it is offered to all employees.
Pensions
With more complex regulatory requirements, employers are experiencing greater pressures than ever before to meet their obligations. Monahans have the expertise and resources to establish effective working practices to protect businesses from unnecessary risks at minimal cost.
Group Income Protection
Monahans can advise on and manage the most suitable scheme to enable employees to continue to be paid who have become too ill to work for a prolonged period. The cost of this is a tax deductible expense and is not treated as a benefit in kind for the employee.
Death in Service
Monahans can advise on the best way to structure this cover, which provides a lump sum based on a multiple of salary in the event of death of an employee.
Private Medical Insurance
Monahans can help make considerable savings by setting up group schemes or by reviewing any current arrangements.
Retirement Options
When employees come up to retirement age, Monahans can advise on the many options they should consider.
Payroll Services
Paying your staff the correct amount and on time is critical to retaining their loyalty. As a BACS approved bureau, Monahans can manage this function to save you considerable administration.
Childcare Vouchers
Monahans can advise on the supply of childcare vouchers, which can help offset the high cost of childcare to working parents. These are a tax deductible expense and are not treated as a benefit in kind.
Eye Tests
Employers need to offer free eye tests to regular computer users. Monahans have linked up with a leading optician group to offer a scheme which will meet your needs whilst saving you and your employees money.
Cycle to Work Schemes
Employees are able to gain tax relief on the purchase of a new bicycle provided it is mainly used for commuting to work. For a higher rate tax payer, a £1,000 bike could cost as little as £570 with National Insurance savings for the employer.
For futher information about our Employee Benefits Service
please email us or contact our Marketing Department on 01225 785520.
For more information about Monahans Financial Services click here
For more information about our Elite Payroll Services click here
For more information about our HR Service click here
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Attract and retain the best possible people, through a range of attractive employee benefits.