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Employees want more leave, insurance in post-COVID world

Adrian Flores
Adrian Flores
29 September 2020 1 minute readShare
Employees want more leave

Workers would most want their employers to provide an increase in annual leave and employer contributions to health insurance in a post-COVID world, a new survey finds.

According to a recent Finder survey, 43 per cent of people said they would like flexible work arrangements like working from home, followed by increased annual leave (41 per cent) and employer contributions to health insurance (32 per cent).

Income protection insurance (26 per cent) also ranked highly, coinciding with the government’s slashing of JobKeeper payments by $300 to $1,200 per fortnight.

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The research also found that more females (28 per cent) than males (23 per cent) would like their employer to contribute to income protection, with females generally paying more for cover than males.

In addition, the survey revealed that Generation Z placed the most value on income protection insurance (35 per cent), followed by one in three of Generation X (33 per cent).

 

Finder insurance specialist Taylor Blackburn said that with the country now in recession, Aussies are more conscious than ever about job security.

“With JobSeeker and JobKeeper payments being cut from this week, many people are nervous about how they’d manage to stay afloat financially if they lost work,” Mr Blackburn said.

“Income protection insurance pays a monthly benefit if you’re unable to work due to illness or injury. 

“It’s basically a stand-in for your regular earnings, so you don’t end up falling behind on bills or repayments.” 

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Mr Blackburn said many companies may now re-evaluate the benefits offered to staff and workers should be ready to have a conversation.

“Transitioning to online work was a big hurdle for many workplaces during COVID, but many employees now realise that they prefer it,” he said.

“If you aren’t able to negotiate a salary increase this year, additional perks like flexible working arrangements or increased annual leave are reasonable alternatives to fall back on.

“For companies who are unable to afford salary increases this year, additional perks like flexible working arrangements or increased annual leave can be suitable instead.”

The survey asked 1,066 Australians about the top three perks they’d like their employer to provide in a post-COVID workplace.

Employees want more leave, insurance in post-COVID world
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Adrian Flores
Adrian Flores

Adrian Flores is the deputy editor of MyBusiness. Before that, he was the deputy editor for SMSF Adviser as well as features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected].

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