'Flexible Benefits Scheme' - what does it mean in a job advert in retail?

Question

'Flexible Benefits Scheme' - what does it mean in a job advert in retail?

Answer 1

Flexible benefits schemes enable employers to allow staff to select the benefits that suit them. With greater workplace diversity, this choice of perks is highly popular among employees. Flexible benefits schemes can include a wide range of options for staff to select from, including tax-efficient benefits such as childcare vouchers and mobile phones or salary sacrifice pensions contributions.  Flex schemes initially came to the market in seemingly expensive bespoke packages before the development of the off-the-shelf format. However, the growth of technology means more providers and consultants in the market have reduced costs and bespoke flexible benefits plans have become increasingly popular as a means of offering more tailored employee choice.  

This is a formal plan run for a set contract period whereby staff can opt into or out of employer-paid benefits, select employee-paid benefits or take cash. This is not the same as voluntary benefits which are discounted products made available through the employer and the contract is between employee and provider. In some cases, if employees do not wish to take any of the benefits on offer, they can choose to keep the cash.