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.
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 €1.27 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 1st Feb 2022.