Corporate Solutions – Employees benefits
The human capital of a company constitutes its most valuable asset as it is considered to be the driving wheel for corporate growth and success. Thus, a friendly and positive working environment, together with strong bonds between the company and its employees can be assumed to be the driving force for success and should be a concern for every company. Providing benefits to the employees through Group Insurance Plans can be a very useful corporate strategy tool in order to achieve the above.
Group Insurance Plans are proven to help companies move towards this direction, while the significance of offering such a benefit to their employees is well documented. It creates positive working environment and plays a crucial role in establishing strong bonds between the company and its human capital. It is proven to motivate the workforce to produce more and stay longer within the company. In practice, it promotes the sentiment of security by offering relief from significant worries regarding health care and retirement. The importance of these issues have been gradually increasing over the past years as the public sector seems to be incapable of covering basic needs. As a result, Group Insurance Plans replenish the deficiencies of the Public sector, acting as a natural hedge to the gradually decreasing overall Greek income, promoting the sentiment of safety.
Group Health Insurance Plans provide medical and non medical services in cases of accident or illness at a much more competitive price than the individual policies. It also provides compensation in disability cases, either permanent or not, as well as compensation to the insured’s family in the event of death. In addition, it offers preventive examinations usually once a year and doctors appointments at the minimum cost. However, the main advantage of a group health insurance plan is that in most cases no previous medical examination of the group members is required.
Group Pension Plans provide an alternative way of saving for the purpose of retirement. Its increasing importance in Greece is highlighted by the fact that the Public Sector seems incapable of providing basic services to its citizens. As a consequence, private pension plans have become an essential tool for planning our future. The insured agrees to save a proportion of his annual income for pension purposes and he is offered a basic guaranteed interest on the deposits paid monthly. The company can either finance the entire amount or agree with the employees in a shared investment. Usually the deposits are held in international bank accounts and currencies, so it also provides protection from a potential default of the local banking system or from the depreciation of the local currency.
Group Investment Plans provide an alternative way of investing in international financial instruments. There are several available plans depending on the risk appetite of the individual member. The insured agrees to a proportion of his annual income to be invested and then he chooses the appropriate plan relative to his risk tolerance. The company in some cases can participate in the plan by depositing the end year bonuses, having also taxation advantages. Usually the deposits are held in international bank accounts and the insured’s are given the option to hold different currencies. As a result, it also provides protection from a potential default of the local banking system or from the depreciation of the local currency.