With unemployment in the UK now at a staggering five year low, there is genuine optimism that the nation’s longstanding labour market crisis may soon be at an end. The number of people out of work in the UK fell by 133,000 in March, with just 2.2 million citizens now actively seeking employment. There are now more British residents in gainful employment than at any time since 1971, and a genuine expectation for this figure to improve further in the coming months. Although these figures were influenced by a rise in the number of self-employed contractors, this should not detract from the facts that the private sector is continuing to create traditional work opportunities.
The Workplace Schemes that will help you to save and Generate Money
While it is well known that having a job enables you to make money, however, it also offers an opportunity for individuals to save capital and create a financial nest egg for the future. It achieves this through the implementation of the following workplace schemes: –
- The Pension Plan
Pension legislation has changed considerably in recent times, especially HSBC commissioned a report in 2013 which suggested that the failure to save would leave millions short of money during their retirement. From 2017, UK firms will be obliged offer mandatory pension schemes, where they must match the amount invested by the employees on a monthly basis. This provides you with a unique opportunity to maximise income and create a private fund that can help to sustain you in the future. While this requires a small, monthly investment, it is a small price to pay for long-term peace of mind.
- Income Protection
An employment contract has multiple purposes, and one of the most important is to protect you against discrimination in the workplace. It achieves this through numerous terms, some of which are included as standard and others that remain optional. Income insurance belongs in the latter camp, and its optional nature encourages many to disregard it as an unnecessary consideration. This feature can actively protect you in the event of long-term illness, however, as it ensures that firms must continue to pay a large percentage of your salary while you recover. This can prove invaluable; especially as companies such as Catlin US often tailor packages to suit individual applicants.
- Financial Contingency in the Event of Death
While none of us want to consider our own mortality, death is a sad but inescapable fact of life. This cannot be ignored, and it is far better to prepare for this rather than living in blissful ignorance. It is therefore wise to create a financial contingency in the event of your death, especially if you have children, a significant other or an ill relative. Your workplace can help you to achieve this, as the majority have partnerships with leading insurers and are able to offer extremely competitive life insurance policies to their staff. This not only stipulates a fixed repayment amount in the event of your passing, but it also enables you to distribute this capital in any way that you wish between beneficiaries.
