Working for yourself can be a daunting prospect, especially when you consider all the work benefits you won’t be getting. But digital nomads don’t have to miss out – read on for more…
When you decide to work for yourself, you might be concerned that you’ll miss out on important work benefits, such as sick pay, holiday time, a pension plan and more. But while you may not have these traditional benefits, you can take steps to minimise the impact of not receiving them and even give yourself some extra perks to replace them…
When you get sick and you work for someone else, as a minimum you’ll get statutory sick pay to cover the time you have off from work. When you work for yourself, you don’t have the same luxury. However, you can certainly put aside a fund in advance to cover any future “sick leave”.
Paid holiday time is covered in a traditional workplace, but not for freelancers. Even though you don’t have paid time off, you can structure your work as a freelancer to make sure you are able to comfortably enjoy your holidays. Paying a percentage of your earnings into a fund that covers days off is one plan, or you can simply work from somewhere that gives you the holiday lifestyle all year round. As a digital nomad, you can choose to work from anywhere in the world to suit your needs – even if those needs involve a beach and the sun!
One of the most popular work benefits that companies offer is flexible working; being able to work from home, or part time, or with a flexible schedule. Luckily, working for yourself means you can do all of those things, in whatever way works for you. Flexibility is one of the main draws of becoming a digital nomad, and it’s increasingly attracting people to the freelancer lifestyle.
It can be worrying as a digital nomad to think of a future when your work-life might end. All employers now have to offer a pension scheme for eligible employees and make contributions to it to help boost their workers’ retirement funds. Freelancers don’t have this luxury. In the UK, you are automatically enrolled into a State Pension scheme which should provide you with basic funds when it comes to your retirement, but it’s a good idea to supplement this with a personal pension. There are lots of options available, and as a self-employed person you’ll still benefit from at least 25% tax relief on any contributions you make.
Businesses can offer you the ability to develop your skills and learn from others. It might seem at first that working for yourself means that you won’t have the opportunity to develop your skills. However, you can still find others to learn from, whether through coworking spaces, meet up groups, development courses or online. The flexibility of your schedule means that you can make more time for development, which you might not have found in a traditional working environment.
Posted by The Secret Businessman
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