All news – Page 78
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Employers must take care on pay promises
In the High Court case of Attrill and others v Dresdner Kleinwort, employees succeeded in their argument that their employer was contractually obliged to pay bonuses from a guaranteed minimum bonus pool of €400 million (£343 million) it had promised to set up. The court ruled that the bank had ...
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Compliance round-up for July
It is to axe automatic annual pay rises in the civil service as part of a pledge to make £11.5 billion worth of public sector savings in 2015/16. The proposed legislation, announced in the Spending Review 2013 confirmed that public sector pay rises will be limited to an average of ...
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Employee Benefits/Capita Pensions Research 2013
Read digital version of Employee Benefits/Capita Pensions Research 2013.It reveals:scheme type - the schemes proving most popular with employers and contribution rates being adopted for auto-enrolment;communication - how employers are communicating their pension schemes and why;default investments - employers’ default options and employee take-up;auto-enrolment - top tips from employers that ...
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CJEU rules on collectively agreed pay rises
The European Court of Justice (CJEU) has ruled that collectively agreed pay rises should not survive Transfer of Undertakings (Protection of Employment) (Tupe) regulations.The decision in the case of Parkwood Leisure v Alemo-Herron brings an end to nearly three years of legal wranglings.The court ruled in favour of the employer ...
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Tax relief does not encourage pension saving
Pensions tax relief does little to encourage pension saving, particularly among low and medium earners, according to a report by the Pensions Policy Institute (PPI).The report, Tax relief for pension saving in the UK, which has been sponsored by Age UK, the Institute and Faculty of Actuaries, Partnership and the ...
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Most retirees will receive less than the single-tier pension
Only one in five (17%) UK workers closest to retirement will be entitled to a state pension worth exactly the single-tier amount, according to a report by the Institute of Fiscal Studies (IFS).Its report, A single-tier pension: what does it really mean?, found that 23% of those closest to retirement ...
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RTI drives rising compliance costs
The total cost of compliance for small and medium-sized enterprises (SMEs) now stands at more than £18.2 billion, according to research by the Forum of Private Business.Its Referendum 204 report: the cost of compliance survey, which questioned 4,000 forum members, found that SMEs now pay 11% more to external providers ...
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Employee ownership guidance published
The government has published joint government and industry-led guidance aimed at helping organisations move towards employee ownership.The announcement, from business secretary Vince Cable, came on the first Employee Ownership Day on 4 July.Cable also confirmed that the government is to set aside £50 million each year from April 2014 to ...
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European Parliament votes down bonus cap for fund managers
The European Parliament has voted down the proposal to include a bonus cap of 100% of salary for fund managers.The prospective cap was intended to follow reward limitations placed on bankers by the Parliament earlier in 2013.However, Members of European Parliament (MEPs) decided against passing the measure in the Undertakings ...
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Seven-year sharesave schemes to be abolished
Seven-year savings periods under sharesave schemes are due to be abolished from 23 July.HM Revenues and Customs (HMRC) has not made an official announcement of the change, but has informed sharesave providers that the current prospectuses will not apply from 23 July.Seven-year sharesave contracts will remain available under invitations sent ...
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Staff could make equal pay claims from different establishments
Employers could face equal pay claims from staff even if they are employed on different terms and conditions, and at different establishments from male comparators, following a landmark ruling from the Supreme Court.In the case of North and others v Dumfries and Galloway Council, the court ruled that the council ...
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Osborne risks backlash over public sector pay reform
The government is to axe automatic annual pay rises in the civil service as part of a pledge to make £11.5 billion worth of public sector savings in 2015/16.Chancellor George Osborne revealed the proposed legislation in the Spending Review 2013 at the same time as confirming that public sector pay ...
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Parliamentary Commission lobbies for new banking remuneration code
The Parliamentary Commission on Banking Standards has published its fifth and final report.The Changing banking for good report, which has been heavily influenced by recent banking misconduct that took place under the former Financial Services Authority (FSA) regime, contains a package of recommendations intended to raise standards in, and transform ...
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Restraint shown in setting executive remuneration
Research published in May and June showed bonuses have fallen for FTSE 100 executive directors and pay freezes are on the increase.Fit Remuneration Consultants’ FTSE 100 executive remuneration survey, published in May, found that 32% of FTSE 100 employers will not increase salaries this year, up from 27% that took ...
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Employers could try to avoid equal pay audits
But the paper, which follows the 2011 Modern Workplaces: equal pay consultation, could have some worrying consequences, according to one employment lawyer.Anne Pritam, an employment partner at Stephenson Harwood, said: “The government has written into the most recent consultation exercise specific exceptions to the rule when employers would be ordered ...
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Tapestry launches online global share plan service
Law firm Tapestry has launched an online service and database to help manage the global legal compliance aspects of an employer’s share plans.The system covers many types of plans, including:Deferred share bonusEmployee stock purchasePerformance share plans and restricted stock unitsRestricted share plansShare optionsSavings-related share optionsShare match and co-investmentCash plansIt also ...
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Pensions Bill passes second reading in House of Commons
The Pensions Bill passed through its second reading in the House of Commons on 17 June.The Bill was introduced into the House of Commons on 9 May 2013, following the Queen’s Speech.During the speech, it was confirmed that the Pensions Bill will introduce a state pension system which will replace ...
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Manufacturers lose faith in fit note system
British manufacturers have lost faith that the government’s fit note programme is getting people back to work, according to research by manufacturers’ organisation EEF.The 2013 EEF/Westfield Health sickness absence survey, which questioned 353 employers, indicates that improvements in sickness absence seen in recent years have now plateaued and that further ...
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Final proposals on directors' remuneration legislation published
The Department of Business, Innovation and Skills (Bis) has proposed reforms to board pay disclosure and shareholder voting rights.The finalised legislation apply from 1 October 2013.The regulations are still subject to parliamentary approval, but are not expected to change.Its proposals include:Recruitment policy: It will no be longer necessary for employers ...
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HMRC targets minimum wage cheats in Corby
HM Revenue and Customs (HMRC) has targeted job agencies in Corby in a minimum wage crackdown.A three-day operation uncovered a possible £100,000 owed to 3,000 employees in the area.Officers from HMRC and the Department for Business, Innovations and Skills (Bis) visited 34 employment agencies between 28 and 30 May 2013.HMRC ...