Wednesday 20 February 2019

Female employees less likely to get pension and bonus payouts

Some 49pc of men receive a pension contribution, compared with 39pc for women. Stock photo: PA
Some 49pc of men receive a pension contribution, compared with 39pc for women. Stock photo: PA
Charlie Weston

Charlie Weston

Women in the workforce get less in pension benefits and bonuses than men.

But women are more inclined to take up flexible working than their male counterparts, according to a survey carried out by Behaviour and Attitudes for Aviva.

The most common benefit provided to employees is a pension contribution. Almost half of employees report that their employer provides this.

However, the survey exposes a gender divide when it comes to employee benefits, with men more inclined to seek and receive more financial extras than women.

Some 49pc of men receive a pension contribution, compared with 39pc for women.

Both men and women emerged as relatively financially savvy from the survey.

This is because the majority favour long-term rewards such as pensions and health insurance compared with short-term money items, such as bonuses and travel subsidies.

Karen Gallagher, of Aviva, said: "The findings support the widely held contention that women have fewer financial provisions then men, particularly when it comes to pensions."

The survey also found that small numbers of employers pay health insurance contributions and even fewer pay for insurance that would pay out in the event of a staff member being unable to work due to a serious illness or an accident.

Just 15pc of employers pay health insurance contributions, and only 4pc pay income protection premiums.

Ms Gallagher said: "This is concerning, because less than half the workforce has private health insurance and far fewer have income protection, which leads us to believe that there is a high level of financial exposure when it comes to illness in Irish households."

Aviva said the findings point to a growing trend where workers are looking for a greater degree of flexibility from employers when it comes to where and when they work.

The survey found one-in- five millennials would choose flexible hours above other employment benefits.

The mobile millennial workforce wants to work from home, or while travelling to and from work.

Just 16pc of those over the age of 50 would choose flexible working hours.

The survey found 45pc of employees said they benefited from a pension contribution.

Other benefits provided to fewer employees include flexible hours, provided to 30pc of those surveyed, and an annual or performance bonus, which was provided to 24pc of employees.

Around one in five workers has access to a canteen.

Irish Independent

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