Statutory Sick Pay: Is it enough for your employees?

As you will be aware, the statutory sick pay in Gibraltar is only 2 weeks full pay and 4 weeks half pay in any 12 month period. Group Income Protection insurance is a valuable benefit which provides financial protection in the form of a replacement monthly income for your employees (and their families) if they are unable to work for a protracted period. There are tangible and intangible benefits for the employer as well.

Firstly, the amount paid in premiums to the scheme is a deductible expense and will therefore reduce the company’s corporation tax bill. Not only is it a relatively low cost benefit, but a wide variety of features can be added and it can be tailored to the employer’s requirements. It also allows the company to demonstrate its commitment and care to its employees and their families. This is something that, in turn, may increase employee morale and loyalty from existing employees and makes a business more attractive to new employees.

Protect and care for your staff with a Group Income Protection policy.

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