Financial Wellbeing
Protect Financial is a Financial Wellbeing Programme provided by you for your employees, the aim of the programme is to secure and improve their financial future.
12 Months Sick Pay
Our lead benefit, Enhanced Sick Pay, will ensure your employees receive 100% of their net salary for up to 12 months of sickness for any reason covered by a doctor’s note. (See Terms & Conditions).
Cost Neutral for Employer
In terms of the cost, it is always funded by a 1.5% deduction from the employee’s gross salary as part of the payroll process. You can either give the employees an RPI linked pay increase to fund the cost of the program, or run this as an auto-enrolment program, in a similar way to how Pensions operate, and employees can choose to opt-out should they wish to. *Less than 3% of employees opt-out of the program.
Minimal Administration
Setup is a quick and fully automated process that connects with your payroll provider directly or via a basic CSV upload in a few short minutes. If you would like to learn more, schedule a call with one of our team or sign up online.
Protect Financial provides 100% of the employee’s salary entirely on your behalf should an employee be required to take a leave of absence for more than 30 days due to any extended period of sickness covered by a doctors note.
Protect Financial will ensure that employees receive 100% of their net salary, enabling you to hire a temporary replacement at no extra cost, keeping your business moving forwards and ensuring an employee on an extended period of sickness’ is financially supported in their time of need.
10 MINUTE SIGN UP
Protect Financial is integrated with major Payroll & HR Platforms ensuring a minimal sign up process and fully automated service.
Protect Financial includes as many unexpected circumstances as possible that may affect employees and cause a prolonged extended period of sickness including:
Read our full terms of the Enhanced Sick Pay.
Accident
Sickness
Stress
Anxiety and Depression
Mental Illness
Critical or Terminal Illness
Pre-existing Medical Condition (See terms & conditions)
Why is Protect Financial Important?
Protect Financial enables you as an Employer who cares about the financial wellbeing of your employees to provide them with a safety net in the form of enhanced sick pay in the unfortunate event of accident or serious illness.
In addition, we have added a range of other benefits that will seek to help
improve the financial wellbeing of your employees;
Support your employees in their time of needIn the event of sickness of more than 30 days, Protect Financial ensure that your employees receive 100% of their net monthly salary. Enhanced sick pay is paid for absence from day 31 onwards, the benefit is paid direct to your employee’s bank account in your name.
You don’t lose a key employeeYou will NEVER have to make the difficult decision; Do I pay my employee their full salary in their time of need or do I use their salary to bring in a temporary employee to fulfil their responsibilities?
No cost or Admin to youYou can choose to use the auto enrolment model meaning 1.5% is deducted from the employees monthly gross salary via your payroll platform (e.g Xero, Sage, etc) similar to how pensions operate, and this means no additional administration for you.
No commitment whatsoeverIf you run the auto-enrolment program (handled by us) and your team opt-out because they don’t see the value then neither you nor they have any obligations or costs at all. Any of your Employees can decided they want to opt-out of Protect Financial at any time for any reason with no additional fees or charges.
Extra financial benefitsWe are working with some of the UKs leading firms to provide benefits that through your membership will enable your employees to improve their financial wellbeing such as Mortgages, Pensions, Utilities, etc.
Additional benefits are provided through our partners:
COMING SOON
Then choose to either:
A) Optional – Run an auto-enrolment programme allowing employees to opt-out of Enhanced Sick Pay and additional Protect Financial Benefits at no extra cost to the business.
B) Included – Provide Enhanced Sick Pay to all employees as an inclusive program and you may decide to assist the employees’ contribution by an equivalent RPI pay increase.
If an employee is struck by an unexpected illness requiring them to take a leave of absence for more than 30 days, the employee logs into the Protect Member’s portal and submits an online enhanced sick pay application.
The Enhanced sick pay application is handled and validated entirely by the Protect Financial Platform and once approved, we will seek final approval from you and then pay your employee on your behalf and in your name.
The employee receives their tax free net salary*, supporting them in their difficult time whilst ensuring business continuity by enabling you to use the money you would normally pay them to bring in a temporary employee.
*Average of the past 12 months
Protect Financial International Ltd is part of Protect Group which is a global leader in the design, implementation and administration of life assistance services. We create sector specific programs that support businesses in improving the experience of their end users.
The role of Protect is to administer claims programs on behalf of our members fulfilling all core aspects including sourcing, administration, processing and payments.
Protect is not an Insurance Broker or Insurance Provider. We do not indemnify our Members. It is the policy of Protect to partner with Insurance Providers and Brokers around the world to source our own Insurance Policies for which we become the policyholder and at our absolute discretion may claim against these policies in excess of the funds we secure from our membership to fulfil our commitments where there is an excess to the subscription fees we have received from our members.
Any Insurance Contracts which we have secured does not provide any rights under the policy for our Members or their Users. The policies held are for the sole benefit of Protect Group and our own contractual liability, and we may make claims against these policies at our discretion.
Hiscox are a leading specialist insurer underwriting a range of commercial and personal lines risks.
Lloyd's is the world's leading insurance market providing specialist insurance services to businesses in over 200 countries and territories.
AXIS Capital is a leading provider of specialty lines insurance and reinsurance globally.
Protect Financial requires a very simple and quick setup process
taking our average Member 10 minutes to get started:
01.
Sign up to Protect Financial
via our online form here
02.
Connect your payroll or HR
Platform using open API
03.
Protect Financial is live, your business
and your employees are protected!
OR CONTACT THE PROTECT
FINANCIAL TEAM DIRECTLY HERE
How is Protect Financial Tax Free for me and my staff?
Traditional offerings in this space are typically bound by strict terms and requirements, often making it difficult for customers to get through the application process and qualify for their refund. We’ve flipped those ideas on their head with a discretionary model that allows our people to see customers as human beings, supporting them to get their refund.
What are the conditions for enhanced sick pay?
Traditional offerings in this space are typically bound by strict terms and requirements, often making it difficult for customers to get through the application process and qualify for their refund. We’ve flipped those ideas on their head with a discretionary model that allows our people to see customers as human beings, supporting them to get their refund.
Can the business pay direct for Protect Financial?
Traditional offerings in this space are typically bound by strict terms and requirements, often making it difficult for customers to get through the application process and qualify for their refund. We’ve flipped those ideas on their head with a discretionary model that allows our people to see customers as human beings, supporting them to get their refund.
How is the Business invoiced for the membership program?
Traditional offerings in this space are typically bound by strict terms and requirements, often making it difficult for customers to get through the application process and qualify for their refund. We’ve flipped those ideas on their head with a discretionary model that allows our people to see customers as human beings, supporting them to get their refund.
How is an application approved for Enhanced Sick Pay?
Traditional offerings in this space are typically bound by strict terms and requirements, often making it difficult for customers to get through the application process and qualify for their refund. We’ve flipped those ideas on their head with a discretionary model that allows our people to see customers as human beings, supporting them to get their refund.
How does the Member portal work?
Traditional offerings in this space are typically bound by strict terms and requirements, often making it difficult for customers to get through the application process and qualify for their refund. We’ve flipped those ideas on their head with a discretionary model that allows our people to see customers as human beings, supporting them to get their refund.
Get in touch
Submit an enquiry and one of our
friendly advisors will be in touch.
Alternately, schedule a call below:
Schedule A Call
Provided By
Protect is a global leader in the design, implementation and administration of life assistance services. We create sector specific programs that support businesses in improving the experience of their end users.
