Salary rise priority for workers

Around 38 per cent of companies have noticed a growing trend during the past two years for employees to opt out of benefits, such as company pension schemes, life insurance or income protection cover, in order to have higher take-home pay.

A further 18 per cent of firms said they had also seen a decrease in the amount of money that staff were contributing to their pension, according to insurer Unum.

Marco Forato, Unum's chief marketing officer, said: "We're witnessing several concerning trends that would point to many employees currently taking a very short-term view of their financial situation.

"Although there's no denying that a lot of people are struggling financially as a result of the recession, workers should only opt out of long- term financial benefits as a last resort.

"It is vital that employees instead seek to protect themselves and their dependants by having robust financial cover in place."