Corporate PMI is private medical medical insurance arranged by a company for medical health cover on behalf of its employees.
The existence of corporate PMI in any remuneration package is likely to be regarded by employees as far more than an everyday perk of the job, but something genuinely worth having and something that possibly sets one company above another as an attractive place to work. Private medical insurance, in other words, can be a valuable incentive for the recruitment and retention of staff.
From the employer’s point of view, corporate PMI offers an opportunity for:
- incentivising employees and maintaining heightened morale in the work place;
- helping to manage sickness absences;
- ensuring that employees who do fall ill and need time off from work can nevertheless receive quality medical attention promptly, so that they are able to return to work after a minimum period of absence; and
- generally maintaining an image of and corporate reputation for responsible and caring attitudes towards the workforce.
With such a range of advantages for employers and employees alike, these types of company-based medical insurance schemes increasingly feature in remuneration packages. Thanks to their flexibility and the ability to tailor many corporate PMI schemes to suit the scale and needs of a particular company and its workforce, large numbers of employees are now sharing the benefits of private health cover.