When negotiating a new salary, it's easy to focus on the number and forget about the very real value benefits can add to your overall compensation package.
While inflation has eased ever so slightly—in September it fell to 8.2% from 8.7% in August and a 38-year high of 9.1% in July—salaries still aren’t stretching as far as they used to and the cost of living is crippling Irish workers across all sectors.
According to a recent survey by Behaviour & Attitudes, three in five Irish people expect their disposable income to be lower in the next 12 months due to high inflation.
Coupling that with the concern that an impending recession is looming in the background means benefits that can bolster income and add to the bottom line are now more valuable than ever before.
Flexibility
Greater work-life balance has never been more accessible thanks to remote or hybrid working models. According to Microsoft’s 2022 Work Trend Index, 52% of workers across 31 countries, including Ireland, are now more likely to value health and wellbeing over work than they were pre-pandemic, and 47% were more likely to put family and personal life before work. Closer to home, a survey conducted by NUI Galway and the Western Development Commission found that 95% of people believe working remotely makes life easier.
Financial Wellness
Having more disposable income in your bank account every month might be better in the short term but opting into a company pension scheme is one of the best ways to secure your financial wellness now, and into the future. Not only does your employer contribute to your pension, you can get income tax relief against your pension contribution after USC and PRSI, up to €115,000 too.
This is calculated by age: under 30s are eligible for 15% relief of net relevant earnings, 30-49 year olds receive 20%, 40-49 year olds receive 25%, 50-54 year olds receive 30%, 55-59 year olds receive 35%, and tax relief for anyone aged 60 and over is calculated at 40%.
Family Security
As the adage goes, your health is your wealth, and corporate health and dental insurance can offer employees better healthcare options, including private hospital rooms, faster access to consultants and additional wellness packages that incorporate access to mental health services. Corporate health insurance paid by your employer is taxable as a benefit-in-kind on the gross value of the policy and comes out of your salary automatically.
Other benefits to consider include paid parental leave, illness cover, life insurance and subsidised gym memberships.
Commuter Gains
While a lot of workers have reduced their weekly commutes thanks to hybrid and remote working, availing of the Taxsaver scheme which covers Dublin Bus, Bus Éireann, Luas, Irish Rail and additional approved transport providers can save you up to 52% on annual travel. Employees can receive these annual tickets as part of their salary package, in lieu of a cash bonus or as a benefit-in-kind, and all Taxsaver tickets are not subject to tax, PRSI or USC.
Additionally, the bike to work scheme can save you up to 52% on the purchase price of a brand new bike (up to €1,250 for a regular bike and €1,500 for an electric bike) through tax-free salary sacrifice repayments.
So, if you’re looking for a new role that provides tangible benefits like the above, check out the IFSC Job Board today.
