Salaries & Benefits
Salaries & Benefits at Coca-Cola Great Britain
We want to provide people benefits which are relevant to them and customised to their needs. We therefore provide a mixture of core benefits and flexible benefits. For example, we provide the option of healthcare, dental, childcare and additional holiday and insurance benefits to our employees.
We have a particular focus on the health and fitness of our employees. As a result we provide a free-to-use in-house gym and a subsidised restaurant serving healthy food. We also ran an education programme about nutrition in 2006. This included a series of presentations and workshops and educational materials for employees to use.
In 2006, we also held an outdoor, team cycling event as part of our commitment to active lifestyles and employee engagement.
We have recently made some changes to our benefits programme. We have given all employees a statement of the rewards they receive and can access, and published a brochure which gives full details of the rewards process. Employees also have access to My Rewards – an online programme which enables them to buy additional benefits.
All these benefits are applicable to both full-time and temporary or part-time employees, subject to the completion of a qualifying period.
CCGB Pension Scheme
All of our employees are eligible to join our pension scheme at the date they start their employment with CCGB.
At CCGB, both the company and participating employees pay pension contributions into a central fund that is completely separate from the Coca-Cola System’s assets. The fund is looked after by Trustees who are legally required to act in the best interest of members. The Trustees are responsible for the smooth running of the Plan. Members' pensions are secured by purchasing an annuity from an insurance company. The size of a members' pension depends on the size of their personal fund and the cost of buying an annuity when they retire.
Contributions are deducted directly from employees gross salary each month. This means that employees automatically receive full tax relief and also pay lower National Insurance contributions as a Scheme member because they are contracted-out of the State Earnings Related Pension Scheme (SERPS). As the employer, we pay the balance of the cost of providing benefits from the Scheme and the cost of running the Scheme.
The CCGB employee contribution was 4% of Pensionable Salary in 2006, rising to 6% from 1st June 2007. The pension payable from Normal Retirement Age is one sixtieth of the Final Pensionable Salary at the date of retirement (subject to the Earnings Cap, if applicable) for each year and complete month of Pensionable Service.
