Income Protection
Protecting your income shouldn’t be another source of stress and worry if you become ill or disabled and are no longer able to work.
Long Term Disability (LTD) provides a payment of 60% of an employee’s base salary due to a long-term illness or disability from over 13 weeks of continuous absence.
Eligibility
Employees of Databricks United Kingdom aged 16 to State Pension Age are eligible from their date of hire, provided they are actively at work.
Enrollment
All eligible employees are automatically enrolled on the date of hire, provided they are actively at work. Being active at work means you:
- have not received medical advice to refrain from work and are actively following your normal occupation.
- are working your normal number of hours required by your contract of employment, either at your normal business address or at a location which you are required to travel for business.
If you are not actively at work, cover will commence from the day you return to full-time active employment. You may be contacted by the insurer should further medical evidence be required. If your salary is above £195,000 you may need to provide medical evidence in order to be underwritten for any benefit based on a salary above this level.
Contributions
Databricks funds the full premium for employees.
Coverage
The benefit is payable after 13 weeks of continuous absence from work due to illness or injury, once you have provided medical evidence and the insurer has accepted the claim. Upon approval by the insurer, the benefit will be paid until you either return to work, reach the state pension age or leave employment – whichever occurs first. Such payments are subject to the insurer’s terms and conditions and regular medical reviews. Benefits are paid to you by Databricks and are treated as salary and therefore are subject to the normal statutory deductions such as Income Tax, National Insurance contributions as well as any Pension Fund Contributions that may be payable.
- National Insurance contributions are covered at the contracted in rate.
- Pension Fund Contributions are covered at a rate of 4% employer and 5% employee. The benefit payment will increase annually, in line with inflation, up to 5% per year.
