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
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
Most businesses choose to offer Protect Financial as a voluntary benefit paid for by employees. The product is paid for by 1.5% deduction taken from the employee’s gross salary as part of the payroll process.
You’ll auto enrol your employees into a 1-month free trial, those who choose to continue with the product will move in to the paid-for product after the free trail ends.
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 top up to 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.
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.
Attract and retain the best peopleLow-cost option to provide the best possible benefits in an increasingly competitive jobs market, and you will never need to make the decision between paying an employee at their time of need, or covering their absence with temporary resource.
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 whatsoeverAny of your Employees can decide if they want to opt-out of Protect Financial at any time for any reason with no additional fees or charges.
Flexible for varying incomesFor employees who have varying incomes, the 1.5% fee approach means when you earn less you pay less, and the benefit paid is based on the average salary over 12 months.
A productive return to workFinancial stress has a big impact on productivity. With 33% of people reporting that financial problems are impacting their ability to focus at work. Ensure your employees can return to work after a period of ill-health without carrying the burden of financial problems.
Then choose to either:
A) Optional – Enroll all staff on 1-month free trial, those who choose to continue with the product will move in to the paid-for product after the free trail ends.
B) Inclusive – Provide enhanced sick pay to all employees providing a pay increase to fund the cost of the programme.
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 by the Protect Financial Platform. The application is reviewed by Protect Financial and you, once approved by both parties the payments are scheduled to be paid to the employee on your behalf.
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.
