All news – Page 79
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Tribunal says employers could set retirement age
The Employment Tribunal (ET) has judged that compulsory retirement might still be justified in some circumstances.On 30 May the ET ruled on the Leslie Seldon case which was brought because Seldon was required to retire at age 65 from the partnership of the law firm Clarkson Wright and James.At the ...
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Shares for rights changes could cost employers more
The government had to make several concessions to its original proposals before the Growth and Infrastructure Bill, commonly known as ‘shares for rights’, was passed by Parliament.Under the new legislation, employers will be able to allow staff to swap some of their employment rights, including unfair dismissal and redundancy rights, ...
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Healthcare research 2013
Employee Benefits’ Healthcare Research 2013 reports on employers’ current healthcare issues and attitudes to, for example, what they believe their healthcare benefits are achieving for their workforce.The research also covers: The actions employers are likely to take around healthcare provision in the next 12 months; How the economic climate has ...
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EBA consults on bankers' bonuses
The European Banking Authority (EBA) has launched a consultation on the technical standards of its bankers’ bonus cap legislation.The EBA’s draft Regulatory Technical Standards, which are intended to help identify material risk takers who will be subject to specific provisions of the capital requirements directive, will apply the bonus cap ...
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JLT to re-launch lifetime allowance audit service
JLT Wealth Management is to re-launch its lifetime allowance audit service.This follows the reduction of the lifetime allowance, announced by Chancellor George Osborne in the Autumn Statement in December 2012, which is due to take effect from April 2014.The objectives of the lifetime allowance audit are:To establish a precise valuation ...
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Changes to Companies Act promote employee ownership
The government’s changes to the Companies Act 2006, which aim to promote employee ownership, come into effect on 30 April, following approval from both the House of Commons and the House of Lords.In relation to authorising share buy backs, these amendments will:Allow off-market share buy backs to be authorised by ...
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Government updates share scheme simplification
The government has released further details on its plans to simplify employee share schemes.In December 2012, following recommendations made by the Office of Tax Simplification (OTS), the government announced that it would introduce self-certification of share incentive plans (Sips), save as you earn (also known as sharesave) schemes and company ...
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FCA publishes rules on charging model for platforms
The Financial Conduct Authority (FCA) has published rules to ensure the way that platforms are paid for is more transparent.From 6 April 2014, platforms in both the advised and non-advised market will not be allowed to be funded by payments from product providers.Instead, a platform service must be paid for ...
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Fit note guidance clears up outstanding issues
Getting the most out of the fit note: guidance for employers and line managers explains what employers should do if they are given a fit note by an employee, what different sections of the fit note mean, and how it can be used most effectively.Richard Baker, a solicitor at Shoosmiths, ...
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Government's employee ownership proposal passes
The government’s employee ownership proposal has passed in the House of Lords.The Growth and Infrastructure Bill, commonly known as ‘rights for shares’, passed by 275 to 168, a majority of 107, after Chancellor George Osborne made a key concession.The legislation means that employers will be able to allow employees to ...
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Call for single pensions regulator
The government should reassess the case for establishing a single body with sole responsibility for regulating workplace pensions, according to a report by the Work and Pensions Committee.Its report, Improving governance and best practice in workplace pensions, raises concerns over current gaps in regulation and the potential for further gaps ...
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Employee ownership scheme passed in House of Commons
Members of Parliament have voted in favor of the government’s proposed employee ownership scheme.The policy, which is part of the Coalition government’s Growth and Infrastructure Bill, passed in the House of Commons with 277 votes in favour and 239 against.This comes after the proposal, dubbed ‘shares for rights’ by Chancellor ...
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Minimum wage to increase from 1 October
The government has accepted the independent Low Pay Commission’s (LPC) recommendations for this year’s adult and youth national minimum wage (NMW).It also opted to increase the apprentice rate rather than freeze it, as recommended by the LPC.From 1 October 2013:The adult rate will increase by 12p to £6.31 an hour.The ...
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Employee Benefits/Towers Watson Flexible benefits research 2013
The Employee Benefits/Towers Watson Flexible benefits research 2013 is our annual guide to the latest trends in flexible benefits.The 15th annual Employee Benefits research report on the latest flexible benefits trends covers:Attitudes to flexible benefitsStructures of flexible benefitsBenefits on offer in flexible benefits schemesLegislation affecting flexible benefitsAdministration of flexible benefits ...
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Unison wins pay case for fire and rescue staff
Trade union Unison has won a legal case in the Court of Appeal for pay which could affect around 800 employees of the London Fire and Emergency Planning Authority (LFEPA). The union challenged the LFEPA’s decision not to honour the third year of an agreed pay deal that would have ...
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DWP publishes guidance on fit notes
The Department for Work and Pensions (DWP) has published a guidance document on the government’s fit note system.Getting the most out of the fit note: guidance for employers and line managers explains what employers should do if they are given a fit note by an employee, what different sections of ...
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Round-up of tax and legislation changes coming in from 6 April
A number of tax and legislation changes that come into effect from 6 April 2013 will have an impact on employee benefits.Real-time information (RTI) reporting begins.From 6 April, employers will have to start reporting pay-as-you-earn (PAYE) information to HM Revenue and Customs (HMRC) in real time. Employers with fewer than ...
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Government criticised for state pension changes
The key to the successful implementation of the single-tier state pension lies in the government informing the public as soon as possible about how it will impact individuals, according to a report by the Work and Pensions Select Committee.In its Single-tier state pension: part 1 of the draft pensions bill, ...
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EIOPA publishes research on default investment funds
Default investment funds are used by only 50% of members’ pension schemes, according to research by the European Insurance and Occupational Pensions Authority (EIOPA).The survey, which was conducted as a follow-up to EIOPA’s advice to the European Commission on the review of institutions for occupational retirement provision (Iorps), looked into ...
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Employee Benefits Connect: Esop chief criticises share scheme stance
Speaking at Employee Benefits Connect, Poole said he was worried that all the government departments involved in the employee share ownership agenda would head in different directions.“If the communication between those departments isn’t up to scratch, you risk everyone tripping over each other and nothing being achieved,” he said.Poole (pictured) ...