All Article articles – Page 541
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ArticleAxa closes £2.8 billion DB pension longevity swap
Axa UK Group Pension Scheme has closed a longevity swap for its defined benefit (DB) pension scheme with Reinsurance Group of America.The longevity swap transaction covers £2.8 billion of pension liabilities and provides long term protection against costs resulting from pensioners living longer than initially expected, hence enhancing security for ...
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ArticleConsultation launches on gender pay gap reporting
The government has launched a consultation to establish the details of its plans to make it complusory for large employers to publish the average salaries of male and female staff. The consultation will also look into what information from employers will be published, as well as where and when.Plans for ...
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ArticleAsda appoints pension scheme actuary
Asda has appointed Aon Hewitt as actuarial adviser to the Trustees of the Asda Group pension scheme.The retailer, which is part of Walmart, has 13,500 members in its defined benefit (DB) pension scheme.Trustees of the scheme have chosen Aon Hewitt to be the actuary of the scheme.
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ArticleDoncaster Council switches voluntary benefits provider
Doncaster Metropolitan Borough Council has switched voluntary benefits providers. It launched a new platform, provided by Xexec, for its 4,800 employees on 6 July.The portal provides access to benefits such as retail discounts, a concierge service, tickets and travel, as well as a number of salary sacrifice arrangements including bikes ...
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Article9% gender pay gap in digital industry
Women working in the digital industry earn 9% less than their male counterparts on average, according to research by digital recruitment agency The Candidate.Its Women in digital report, which surveyed 200 men and women in low to mid-level digital roles, also found that 80% of the top salaries in the ...
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ArticleSainsbury’s staff bring legal action over equal pay
Sainsbury’s faces legal action from four female shop-floor employees over claims that male employees are being paid more, despite doing comparable work.If successful, the members of staff may be entitled to six years’ back pay for the difference in earnings.Three of the employees are working in the Shrewsbury area and ...
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Article66% do not receive workplace health support
Around two-thirds (66%) of employees do not receive health and wellbeing support from their employer, according to research from Simplyhealth and YouGov.The first Simplyhealth/You Gov everday health tracker survey, which had 1,998 respondents, also found that 22% of those who receive no support would like more health support from their ...
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ArticleWorkplace benefits of the future
Something for the weekend…From paid surrogacy leave to non-medical egg freezing and unlimited holiday, there are some unusual employee benefits lined up for workplaces in the future.According to an American study by the Society of Human Resources Managers (SHRM), many US-based employers are likely to introduce quirkier benefits to attract ...
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ArticleTop 10 most read stories this week
The top 10 most read stories on employeebenefits.co.uk between 2-9 July:1. Tax-free childcare delayed until 20172. ABInBev introduces financial education3. Stay up-to-date with the Budget4. Lifetime and annual allowances reduced5. British Sugar introduces holiday trading6. Government to consult on pensions tax relief7. Flexible working and holiday most important perks for ...
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ArticleQantas staff to receive 5% bonus
Qantas Airways’ 28,000 employees will be receiving a £43 million bonus as a reward for agreeing to an 18-month pay freeze policy to cut costs.The bonus will be worth 5% of an employee’s base annual salary.It will cost approximately AUS$90 million on full implementation.This news follows Qantas reporting its best ...
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ArticleGovernment to consult on pensions tax relief
Summer Budget 2015: Chancellor George Osborne has announced that the government is to consult on a reformation of pensions tax relief.It will publish a green paper shortly setting out the various options, which range from fundamental reforms, for example moving to a system which is tax exempt like individual savings ...
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ArticleGovernment to introduce national living wage
Summer Budget 2015: A compulsory national living wage will come into effect from April 2016.In his summer Budget, Chancellor George Osborne announced that workers aged 25 years old and over will receive £7.20 an hour. This is a 70p increase on the current national minimum wage and 50p higher than ...
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ArticleLifetime and annual allowances reduced
Summer Budget 2015: As announced in March 2015’s Budget, The lifetime allowance for pension contributions will be reduced from £1.25 million to £1 million from 6 April, the government confirmed today (8 July).In the Summer Budget 2015, chancellor George Osborne also confirmed that transitional protection for pension rights already over ...
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ArticlePersonal allowance increases to £11,000
Summer Budget 2015: The tax-free personal allowance will increase to £11,000 a year, Chancellor George Osborne announced during his Summer Budget speech today (8 July).In 2016-17, employees who earn up to £11,000 a year will not pay income tax. The new tax-free personal allowance threshold represents an increase of £400. ...
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ArticlePublic sector pay rises capped at 1%
Summer Budget 2015: Pay rises in the public sector are to be capped at 1% for a further four years, Chancellor George Osborne announced during the Summer Budget today (8 July).This cap will begin in 2016-2017. The measure is expected to save around £5 billion by 2019-20. Osborne (pictured) said: ...
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ArticleCook serves up living wage to staff
Frozen food retailer Cook has become an accredited living wage employer.Cook will ensure that all staff in its kitchens and across its 43 company-owned shops will be paid at least the hourly living wage rate of £7.85, and £9.15 in London locations.This will result in a pay rise for 322 ...
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ArticleStay up-to-date with the Budget
Chancellor George Osborne will unveil the Summer Budget at 12:30pm today (8 July). Make sure you stay tuned to the Employee Benefits website for the latest news and updates following the announcement.Employee Benefits will be covering all aspects of the Budget impacting employee benefits, such as pensions, healthcare, pay and ...
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ArticleIkea to raise minimum hourly salaries to almost $12 in the US
Ikea will increase its minimum hourly wage for its US employees to $11.87, which is $4.62 above the US national minimum wage of $7.25 per hour.From 1 January 2016, the average minimum hourly wage paid to staff will rise from $10.76 to $11.87, a $1.11, representing a 10.3% increase.The initiative ...
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Article49% offer performance-related reward
Less than half (49%) of respondents offered a performance-related reward, incentive or recognition scheme in 2014, according to research by the Chartered Institute of Personnel and Development (CIPD). Its annual Reward management survey, which surveyed 525 senior reward and HR practitioners across the public, private and voluntary sectors, found that ...
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ArticleTop tweets about the Employee Benefits Awards 2015
@Visualsoft: We had an amazing day in London on Friday at the #EBAwards (and walked away winners too!) – thank you @employeebenefit@Lucywillmeister: Reminded yesterday how fun bumper cars are #EBAwards @JoannaLongman: Congratulations to all the winners at the Employee Benefits Awards #EBAwards #Simplyhealth @Gramemejmooney: Great day so far at #EBAwards. ...