More workers forego benefits to boost wages

AN INCREASING number of workers are ditching company benefits in a bid to boost their salaries, new research suggests.

Around 38 per cent of companies have noticed a growing trend in the past two years for employees to opt out of benefits, such as company pension schemes, life insurance or income protection cover, in order to have higher take-home pay.

A further 18 per cent of firms said they had also seen a decrease in the amount of money staff were contributing to their pension, according to insurance company Unum. Marco Forato, Unum's chief marketing officer, said: "We're witnessing several concerning trends that would point to many employees taking a very short-term view of finances.

"Although there's no denying a lot of people are struggling, workers should only opt out of long-term financial benefits as a last resort.

"It is vital employees instead seek to protect themselves and their dependants by having robust financial cover in place."