The latest research reveals that healthcare coverage is considered more important than pension schemes by many Irish employees. Under forthcoming legislation scheduled to take effect next year, workers not already enrolled in a retirement programme will be automatically included in a pension scheme. However, a recent investigation by leading brokerage firm, Dooley Insurance Group, discovered that employees consider comprehensive wellbeing insurance to be a higher priority than pension plans.
The findings of the study indicated that 56% of interviewees favoured health insurance, compared to 49% who favoured pensions and four-day working weeks. Individuals taking part in the benefits questionnaire were permitted to have multiple preferences. Dooley Insurance observed that the survey was a well-balanced group of approximately 1,000 adults aged 18 and above.
In response to climbing interest in employment benefits, resulting from the auto-enrolment pension scheme, the brokerage firm, one of Leinster’s largest, conducted this investigation. Tim Dooley, CEO of the group, highlighted that the Covid pandemic heightened awareness of health insurance among Irish workers.
Mr Dooley also pointed out that rising living costs have led employees to explore alternative avenues in order to take full advantage of tax-efficient benefits. He underscored that the growing awareness amongst employees, particularly the younger demographic, regarding the comprehensive benefit packages companies offer, compared to a decade ago.
Mr Dooley went on to add that auto-enrolment is encouraging a greater number of employers to offer complete benefits – this includes health insurance, income protection and life insurance.
The research revealed that, in terms of preferred benefits, younger workers tended to opt for gym memberships and more opportunities to work remotely. On the other hand, respondents aged from 35 to 44 exhibited a preference for company cars, while the older demographic predominantly selected health insurance and pension plans over other employment perks.