Death in Service and Sick Pay
As well as building up a valuable Pension Account for retirement active members of CWPS, are also automatically covered for valuable risk benefits:
- a Death in Service benefit of €100,000 and
- a Sick Pay benefit of €44.00 per day.
CWPS is happy to offer these benefits to members at a relatively low cost compared to our competitors in the market. There is no underwriting or health screening involved. Due to the deemed high risk nature of their work, many construction workers struggle to access similar benefits from Life Assurance companies at all, or at reasonable premium levels. Due to the economies of scale, CWPS is highly cost effective and provides excellent value for money for the risk benefits we provide for members and their families.
Death in Service Benefit
For a very low cost of €1.17 per week to both employer and members, members are covered for Death in Service benefit of €100,000 which is payable to a member’s next of kin if a member dies while they are an active member of CWPS. There is also an additional €3,175 payable for each eligible child of a deceased member. The Death in Service benefit is payable in addition to the value of the members accumulated pension account up to the date of death. This benefit gives peace of mind to members as it provides protection for their family in the event of their untimely death.
Sick Pay Benefit
Active members are also covered for Sick Pay benefit of €44.00 per day payable while they are absent from work through illness or injury. Sick Pay benefit is provided at a very low weekly cost €0.63 to members and €1.27 to employers. This means that a member’s family is protected during vulnerable times of sickness or injury and the benefit from is payable in addition to any benefit that may be due to the member from the Department of Social Protection.