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Employee Benefits in the UK

  • October 2014
  • -
  • Timetric
  • -
  • 71 pages

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

Summary
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.

Scope
This report provides a detailed analysis of employee benefits in the UK:
- It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
- 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
- It highlights the economic and regulatory situations relating to employee benefits in the UK


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

Key Highlights
- 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
- 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
-Most private benefit plans in the UK are voluntary in nature (excluding work injury, maternity benefit and redundancy pay)
-The 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%

Table Of Contents

Employee Benefits in the UK
Table of 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

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