UK bosses looking to help employees protect finances from potential Budget cuts

With welfare cuts on the rise, research from Group Risk Development (GRiD) found that 11 per cent employers believe they need to work more closely with staff to ensure adequate provision is made for their financial protection.

The research comes ahead of the Budget, which many have suggested will see chancellor George Osborne unveil a few surprises. As such, employers have been looking at how potential cuts and changes may affect their employees’ financial wellbeing and how they can support staff through these changes.

In line with an awareness of the need to support staff, GRiD suggested that seven per cent of bosses claimed they were now likely to increase their benefit spend despite the uncertain outlook. A further 11 per cent said that while life is still tough, they might review benefits provision in the near future. 

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However, six per cent said they were still struggling financially and so did not foresee being able to review their benefits provision in the near future. 

This rise in the need to protect staff, according to Katharine Moxham, spokesperson for Group Risk Development, was encouraging. She said: “It’s great to see employers still recognise the value of working closely with their staff to ensure provision is made for financial protection, especially in light of potential cuts and changes in the Budget which may affect their employees. 

“Despite not all businesses being able to review what they offer due to their own financial challenges, the awareness is there.

“Fully supporting staff includes being aware of and showing concern for their financial welfare. To do this most effectively and simply, businesses can introduce services such as Employee Assistance Programmes, HR and legal advice, second medical opinion services, online health assessments, mental health first aid training, absence management, occupational rehabilitation and fast track access to counselling and physiotherapy.”

Richard Godmon, head of corporate tax at Menzies, also took a quick look at what changes the tax landscape could soon be facing.

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