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Contributory pension and savings plans are considered important by many employees in Singapore, Hong Kong, the United Arab Emirates, the United Kingdom and South Africa.
this 2023 Global Survey of Non-Salary Benefits The survey of more than 2,000 employees in various locations including Singapore, Hong Kong, UAE, UK and South Africa found significant differences in the popularity of employee benefits across markets.
The survey, conducted by YouGov and commissioned by the Isle of Man Employee Benefits Association, highlights the difficulties faced by multinational companies when adapting benefits across regions.
Here are employee perceptions of various non-salary employee benefits identified in the report:
Overall, among full-time employees who consider non-salary-related benefits to be very or quite important, Hong Kong, Singapore and the United Arab Emirates attach great importance to this indicator, with 81%, 80% and 81% respectively saying it is very or quite important.
Contributory pension/savings
This was considered important by many employees in the jurisdictions surveyed. The sample of full-time employees surveyed in the UK was the highest at 66%; the sample of full-time foreign employees in Hong Kong ranked second at 57%. The UAE had the lowest sample of foreign full-time workers surveyed at 36%, possibly as a result of shorter employment periods and the region’s end-of-service gratuity policy (mandatory in some parts of the UAE).
As you might expect, the importance of superannuation generally increases between the ages of 35 and 55, with a decline after age 55 in most jurisdictions.
Employee Stock Ownership Plan Options
This is the least important of all non-salary-related benefits across all jurisdictions – no jurisdiction rated it above 42%. The lowest level was in the UK, where only 15% of full-time workers surveyed thought this was important. Lower performance may be because it is the least widely used or understood benefit option, or it may indicate employment short-termism among employees.
There are significant regional differences in Southeast Asia, with 40% of foreign full-time workers surveyed in Hong Kong saying this was an important consideration, compared with 29% in Singapore.
Healthcare/Private Medical Plans
The importance of private health insurance varies widely across jurisdictions, with South Africa having the highest level of foreign full-time workers surveyed at 64%, followed closely by Singaporean foreign full-time workers surveyed at 61%. UK full-time workers surveyed had the lowest score, at 37%.
These results likely reflect the perceived ability or lack of access to adequate state-funded health care among surveyed employees.
Death on duty insurance
This is the second lowest among all non-wage-related benefits across all jurisdictions. The surveyed foreign full-time workers in South Africa felt the highest, at 48%, and Singapore had the lowest, at 24%. There are significant regional differences in Southeast Asia, with the foreign full-time workers surveyed in Hong Kong taking death at work much more seriously (47%) than in Singapore (24%).
This again may indicate employee short-termism and a perception that the value of this benefit and likelihood of claiming is lower than other options that may have a more immediate impact.
Critical illness protection
In all jurisdictions, critical illness cover is considered a more important option than death in the line of duty. South Africa had the highest sample of foreign full-time workers surveyed at 54%, followed by Hong Kong (51%) and Singapore (50%), which were almost identical.
The UK ranked lowest, with only 30% of full-time employees surveyed considering this important.
Flexible/remote working
Singapore ranked highest, with 65% of foreign full-time workers surveyed saying this was important, followed by 59% of UK full-time workers surveyed. The UAE has the lowest proportion of foreign full-time workers in the sample, at 36%.
Flexible annual leave and family leave
Foreign full-time workers in the UAE ranked this lowest among all jurisdictions, but 50% of respondents still considered it important. All other jurisdictions have very closely matched ratios (between 58% and 64%), with Singapore ranking highest. 62% of UK foreign workers think this is important.
Since this is a measurable cost to employers, it is interesting to see this ranking above all others globally.
Physical and mental health support
South African foreign full-time workers (63%) rank this far ahead of all jurisdictions, and the range is wide, with only 34% of UK full-time workers considering this important.
Professional development and learning support
Singapore and South Africa tied for the highest at 52%, and the United Arab Emirates (38%) had the lowest, followed by the United Kingdom at 39%. The UK’s low performance is perhaps surprising. This may be a function of the industry-neutral sample taken, and age-related considerations may also play a role.
According to the results of extensive surveys, Michael CrowIsle of Man Financial CEO said: “It is clear that a ‘one size fits all’ approach is increasingly outdated in today’s diverse global workforce. Workers around the world increasingly value flexible non-wage benefits, signaling a shift towards more personal transformation and immediate value-added benefits. ”
Also read: Provisions for mid-career workers under Singapore’s new SkillsFuture Upgrading Program will come into effect on May 1, 2024
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