Home > Benefit Choices > Core, Flex and Voluntary benefits
empower enables health, wealth and lifestyle benefits to be provided to employees through a combination of Core, Flex and Voluntary options. These are defined as:
Core
This is the traditional concept of employee benefits, usually provided under group contracts. The benefits are chosen, defined and paid for by the employer. Employee eligibility to benefits is usually defined by grade, length of service, etc.
Example: group life insurance, group medical insurance, retirement schemes, health and dental services
This is the traditional concept of employee benefits, usually provided under group contracts. The benefits are chosen, defined and paid for by the employer. Employee eligibility to benefits is usually defined by grade, length of service, etc.
Example: group life insurance, group medical insurance, retirement schemes, health and dental services
Flex
Under flex, employees are able to trade certain benefits within rules and limits defined by the employer. This trading is normally enabled once per year. Benefits contracts continue to be set-up and paid for by the employer, usually on a group contract basis. Employees can use one or more of the following three methods to fund their Flex benefits:
* Example: Trade up the Group Medical Life insurance coverage from Basic plan to Deluxe plan.
Under flex, employees are able to trade certain benefits within rules and limits defined by the employer. This trading is normally enabled once per year. Benefits contracts continue to be set-up and paid for by the employer, usually on a group contract basis. Employees can use one or more of the following three methods to fund their Flex benefits:
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- trading some benefits (i.e. selling some of their benefits to buy others),
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- buying different benefits using a flex fund created by their employer
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- buying additional benefits by topping-up their flex fund directly from their salary
* Example: Trade up the Group Medical Life insurance coverage from Basic plan to Deluxe plan.
Voluntary
Benefits selected and paid for by the employees from advantaged offers that have been pre-negotiated on their behalf. These are portable even when the employees leave the company as they have a direct contract with benefits providers. These offers are normally open throughout the year.
Example: Purchase a gym membership at discounted price of $300 per month (original price $500 per month)
Benefits selected and paid for by the employees from advantaged offers that have been pre-negotiated on their behalf. These are portable even when the employees leave the company as they have a direct contract with benefits providers. These offers are normally open throughout the year.
Example: Purchase a gym membership at discounted price of $300 per month (original price $500 per month)
Each organisation is different and therefore schemes can be designed around the unique needs of your organisation. Contact us to find a solution to meet your needs.