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| Union of Finance Staff choose LVs |
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The Union of Finance Staff (UFS) has recently commissioned a survey at a leading financial company, who were offering to replace Luncheon Vouchers with a cash substitute.
Staff chose to keep Luncheon Vouchers rather than accept cash
 Over 2,000 staffs were asked whether they would accept the company's offer to remove Luncheon Vouchers (at a value of £2.25 per day) and replace them with a salary supplement (£2.60 per day). Even though the company was offering a daily allowance increase of 35 pence to accept cash, nearly 60% of employees still wanted to keep Luncheon Vouchers.
One employee commented, "I voted to keep Luncheon Vouchers as I like them being separate from my salary. Getting them feels like having a bonus every month. It is great that I can use them either at the supermarket or sandwich shops. I have come to rely on them and don't want to lose them."
A Manager at the financial company also added, "We were surprised by the popularity of Luncheon Vouchers with our staff. There seems to be a genuine affinity for the voucher as a tangible benefit - cash cannot replace that feel good factor."
Alan Wood from UFS said, "The fact that staff chose to ignore a greater cash alternative to Luncheon Vouchers, shows the enduring popularity of soft benefits such as Luncheon Vouchers. The survey result surprised us all, but it shows how staffs see Luncheon vouchers as a vital additional perk."
The survey was undertaken by an independent consultancy - Stephens and Chandler Management Consultants
Reference:
Liz Stickland – Finance and Administration Manager, Union of Finance Staff.Telephone: 01242 708090
April 2002
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