Death in Service & Sick Pay
Along with saving for a pension at retirement, members are also covered for death in service and sick pay benefit.
The death in service benefit of €100,000 is covered without the necessity for any underwriting. This means that our members do not need to fill out proposal forms or go for medicals.
Due to the nature of the work carried out by construction workers and the risks involved in their daily trade or profession, these workers would be considered “high risk” by insurance companies and life insurance would come with a higher than normal cost.
Our death in service benefit is self-insured by the scheme and comes at very low cost of €1.17 from both the employer and member per week. We are confident that this benefit is something that workers in the industry may not receive from any other insurance providers. As well as the benefit of €100,000 there is an additional benefit of €5,000 for each child under the age of 18. The value of the member’s pension account is also paid to the member’s next of kin.
Death in Service benefits can only be paid if the employee meets the following criteria:
• The employee must be employed with an employer who is registered with CWPS
• All contributions due for the employee must also have been paid to CWPS at the time of death
• The employee must have accumulated 26 weeks of pension contributions in CWPS up to the date of death
If one of your employees is absent due to illness or injury, you as the employer, can continue to make contributions on their behalf. By continuing to make contributions up to the date of death, this will mean that in all likelihood, the employee is covered for Death in Service benefits.
Please note the above is only an outline of the Scheme rules regarding Death in Service benefits, full details are contained in the Scheme's Trust Deed & Rules, which are available on our website. Please feel free to contact us with any queries relating to the above.
Construction Workers' Sick Pay Trust
Members of CWPS are included in the Construction Workers' Sick Pay Trust for a nominal fee of just €0.63 per member and €2.37 per week for the employer.
The Sick Pay Scheme provides payment during short term disability to members in addition to their disability benefit from the Department of Social Protection and is paid after just 3 days waiting period, this ensures they will receive an equivalent of the minimum national average net rate of pay.
New rates are effective 1 July 2024.