RBS Group
Age neutral flexible benefits
The RBS approach to flexible benefits was developed in 1997 partly as a response to the need to harmonise benefits following acquisitions such as that of Natwest in 2000, but mainly in recognition that to maintain commerical advantage in a very competitive sector, the Bank needed to reflect employee needs at every stage of their career, whatever their age.
Total Reward is an award winning pay and benefits package that rewards employees for their contribution to the business. We have over 105,000 employees and wanted to ensure that the reward package recognised that everyone is an individual. Our approach gives control to employees - so they can tailor their reward package to meet their own needs.
RBS offers employees a range of core benefits and then a wide variety of add on benefits that employees can buy or sell, or receive a discount on what is available on the open market. The benefits come under the following categories: Today's Income (salary and other cash); Lifestyle; Health; Protection; (insurances); Savings; Tomorrow's Security (pension).
Today's Income
All employeees get the following core benefits:
Lifestyle
All employeees get the following core benefits:
Health
Benefits employees can choose from: Private Medical Cover; Dental; Health Screen; Healthcare Cash Plan
Protection
All employeees get the following core benefits: Long Term Disability Benefit and Life Assurance (Self)
Benefits employees can also choose from include: Personal Accident Insurance, Life Assurance - Spouse/Partner, Critical Illness Insurance
Savings
Benefits employees can choose from:
All employeees are eligible for a Free Pension Plan (for eligible employees)
The RBS open access website provides a detailed outline of both core and optional benefits and includes examples of individual scenarios that underline the inclusive nature of the flexible benefits the business offers.
Click icon to download a printable version of the case study
download pdf
Age neutral flexible benefits
The RBS approach to flexible benefits was developed in 1997 partly as a response to the need to harmonise benefits following acquisitions such as that of Natwest in 2000, but mainly in recognition that to maintain commerical advantage in a very competitive sector, the Bank needed to reflect employee needs at every stage of their career, whatever their age.
Total Reward is an award winning pay and benefits package that rewards employees for their contribution to the business. We have over 105,000 employees and wanted to ensure that the reward package recognised that everyone is an individual. Our approach gives control to employees - so they can tailor their reward package to meet their own needs.
RBS offers employees a range of core benefits and then a wide variety of add on benefits that employees can buy or sell, or receive a discount on what is available on the open market. The benefits come under the following categories: Today's Income (salary and other cash); Lifestyle; Health; Protection; (insurances); Savings; Tomorrow's Security (pension).
Today's Income
All employeees get the following core benefits:
- ValueAccount (ValueAccount is the sum of money employees can use to tailor their pay and benefits package using RBSelect. As well as individual salary, this may include additional cash for benefits typically paid in the market for a particular job level (such as private medical cover and company car allowance).
- Group Profit Sharing Employees can also choose to buy up to an additional 5 days holiday or sell up to 5 days of their annual holiday entitlement (subject to minimum and maximum limits).
Lifestyle
All employeees get the following core benefits:
- Help Direct (access to professional consultants who provide a free confidential information and support service designed to make employees lives a little easier.)
- A holiday entitlement of up to 30 days annual leave plus bank/public holidays (pro-rated for part time employees).
Health
Benefits employees can choose from: Private Medical Cover; Dental; Health Screen; Healthcare Cash Plan
Protection
All employeees get the following core benefits: Long Term Disability Benefit and Life Assurance (Self)
Benefits employees can also choose from include: Personal Accident Insurance, Life Assurance - Spouse/Partner, Critical Illness Insurance
Savings
Benefits employees can choose from:
- Sharesave
- Additional Pension Contributions
All employeees are eligible for a Free Pension Plan (for eligible employees)
The RBS open access website provides a detailed outline of both core and optional benefits and includes examples of individual scenarios that underline the inclusive nature of the flexible benefits the business offers.
Click icon to download a printable version of the case study
download pdf
