What is a Benefit Assessment Calculator?
In the UK there are over £16bn in benefits missed out by 8mn households every year and the most common reason is that people are unaware of the benefits they are entitled to. There are hundreds of benefits and grants managed by the central government, regional governments and local authorities as well as water and telecom social tariffs. This calculator takes your individual employee circumstances and identifies which of those benefits they might be entitled to.
The workplace is an excellent environment to improve the financial wellbeing and resilience of low and variable income employees. HR teams can reduce the financial stress and anxiety within their workforce by providing tools and services to help employees access their benefits. HR managers can offer this service as benefits advice, it is not a FCA regulated activity and companies will not incur any cost to provide this support for their vulnerable employees.
Advantages of the Benefit Assessment Calculator
Promote equality within the workplace
Provide financial support insights for your employees
Benefits and Grants Coverage
The UK welfare system has three main types of benefits: Means-tested benefits, non-means-tested and passported benefits. The assessment tool also covers some social tariffs available to low income households.
The means-tested benefits available in the UK are; Universal credits, Pension credit, Housing benefits, Council tax reduction, Child tax credit, Income-based JSA and income-based ESA, Income support and Working tax credit.
The non-means tested benefits available in the UK are; Basic State Pension, Statutory Sick payment (SSP) and Statutory Maternity pay (SMP), Job seekers allowance (JSA) and Employment support allowance (ESA), Child benefits, Council tax discount, Disability living allowance (DLA), Personal independence payment (PIP) and Attendance. Allowance, Carers allowance and Lifetime ISA (Individual Savings Account).
Telecom social tariffs; these are cheaper broadband, phone and mobile deals offered by some providers to people on certain benefits and can save them up to £300/year.
Most people don’t realise these deals are available and it’s estimated that just 14% of the 5 million people who qualify are making use of these deals.
The passported benefits available in the UK are; Free school meals and School clothing costs, Warm home discount and Winter fuel payment, Funeral support payment, Support for mortgage interest loan and Help to save.
The Scottish government offers the following passported benefits; Scottish child payment, Kinship care allowance, Best start grant and Best start food, Child winter heating, Education maintenance allowance, Caring allowance supplement, Job start payment, Discretionary housing payment and Scottish welfare fund.
Water social tariffs; Every water company in England and Wales has a social tariff scheme which can help reduce employee bills if they are on low income. Who is eligible for help and the level of support varies depending on your water supplier, personal circumstances, financial situation and the benefits they are receiving.
Social tariffs can reduce households’ water bills by 90% for the most vulnerable people, or £370 per year. According to Water UK, the average household water and sewerage bills in England and Wales are £408 per year.
Enhance your business operations and boost employee satisfaction with fastP.A.Y.E
Book a free demo now with one of our Product Experts. Let us show you how your business can benefit from fastP.A.Y.E.
fastP.A.Y.E is a socially responsible way for your employees to access their already earned wages before payday.
You keep control of when and how much your employees can access while removing the need for expensive short-term credit.
Our solution is designed for the modern workforce. Flexible wage access helps employees better manage their finances and will mark you out as a highly progressive employer.