Company provides life assurance for staff
All employees at AJ Engineering and NEWCo are to be provided with life assurance.
Director Graham Alexander and Managing Director Alan James have provided the AIG policy to all full time, part time and fixed term contract workers between the ages of 16 and 69.
In a letter sent out to all staff Graham said: “The COVID-19 pandemic has for many understandably led to real worry about health and financial security. It is for this reason that Alan and I have decided the company will provide a life assurance policy so that, should the worst happen to us, while employed with AJ Engineering and NEWCo, our families will get some financial support. With AJ Engineering and NEWCo having a combined workforce of 107 people currently, this annual premium sum is not insignificant, but we feel that it is important to give our employees this benefit so that the next of kin are supported.”
The basics of the policy are noted below:
- All full time, part time and fixed term contract workers employed by the companies, between the ages of 16 and 69, are covered by the policy
- The policy will pay out a multiple of four times the annual basic wage/salary in the event of an employee’s death, regardless whether the death occurred during working hours or not
- Should employees become unwell and absent from work due to ill health they remain covered by the policy until they reach the age of 70 or cease being employed by the company
- Employees are automatically covered from the date they are employed.
