Employee Benefits in Israel

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What are employee benefits?

Employee benefits are any perks or advantages that an employee receives as part of their job. These can include things like health insurance, retirement savings plans, paid time off, and more. While the most common type of employee benefit is health insurance, there are many other types of benefits that can be extremely valuable to employees. 

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What are the reasons that companies in Israel offer employee benefits?

Companies in Israel offer employee benefits for a variety of reasons.

One of the most important reasons is to attract and retain employees. With a highly competitive labor market, offering employee benefits is one way that companies can differentiate themselves and stand out from the competition.

Another reason that companies offer employee benefits is to improve morale and motivation. When employees feel like they are valued and their employer is investing in their well-being, they are more likely to be engaged and productive at work. Employee benefits can also help create a positive work-life balance, which can lead to happier and healthier employees.

Lastly, offering employee benefits is simply good business sense. When employees are happy and healthy, they are more likely to be productive and stay with the company long-term. This ultimately saves the company money in recruitment and training costs.

What are the most common employee benefits offered in Israel?

There are a number of employee benefits that are offered in Israel. These benefits include:

1. Wellness programs: Many employers in Israel offer wellness programs as an employee benefit. These programs can include things like on-site gyms, fitness classes, and health screenings.

2. Flexible work hours: Many employers in Israel offer flexible work hours as an employee benefit. This can allow employees to better manage their work-life balance.

3. Childcare benefits: Many employers in Israel offer childcare benefits as an employee benefit. This can help employees with the cost of childcare.

4. Education benefits: Many employers in Israel offer education benefits as an employee benefit. This can help employees with the cost of furthering their education.

5. Retirement benefits: Many employers in Israel offer retirement benefits as an employee benefit. This can help employees save for their retirement.

Is Employee health insurance a mandatory employee benefit in Israel?

In Israel, health insurance is mandatory for employees of employers with at least five employees. The mandate applies to both private and public sector employers. Coverage must be provided through one of the country’s approved health insurance providers. Employees who do not have health insurance are considered uninsured and may face fines or other legal repercussions. 

What is the cost for employee benefits package in Israel?

The average cost of an employee benefits program in Israel is $5,600 per year. This includes costs for health insurance, pension plans, and other benefits. The cost of an employee benefits program can vary depending on the size of the company and the types of benefits offered.

MantraCare offers the most comprehensive and cost-effective employee benefits program starting at $3 per employee.

Who are the top employee benefits providers in Israel?

Aetna International is a global health insurance company that offers a wide range of employee benefits plans, including medical, dental, and vision coverage.

MetLife is a leading provider of life insurance and other financial services products. They offer a variety of employee benefits plans, including life insurance, disability insurance, and long-term care insurance.

MantraCare is the top employee benefits solution provider in Israel. They help design the benefits plan and execute the same with the HR. They offer comprehensive employee benefits programs that promote physical and mental well-being.

Their services include EAP, corporate yoga, physical therapy, chronic condition reversal (for diabetes & hypertension), meditation, work counseling, and more.

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In which cities can MantraCare offer Employee Benefits Packages in Israel?

  • Jerusalem
  • Tel Aviv
  • Haifa
  • Petah Tiqwa
  • Ashdod
  • Netanya
  • Rishon LeZiyyon
  • Bnei Brak
  • Holon
  • Beersheba

If you are a company in Israel, looking to implement an Employee Benefits program, talk to employee benefits experts at Mantracare: Schedule a Call >