All Article articles – Page 648
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Pension charge cap assessment deemed ‘not fit for purpose’
The Regulatory Policy Committee at the Department for Business has ruled that the Department for Work and Pensions’ (DWP) impact assessment on a pension charges cap is ‘not fit for purpose’.The DWP launched its consultation in October, which included a cap on pension charges at 0.75%.The Regulatory Policy Committee said ...
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BAE Systems launches online tool to manage DB pensions
BAE Systems has launched an online pensions tool to manage and monitor its obligations across all seven of its UK defined benefit pension schemes.The tool, Skyval, from PricewaterhouseCoopers (PWC), provides organisations and trustees with real-time access to information and analysis on their pension schemes’ liabilities, assets, risk and valuations.BAE Systems ...
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Interact Intranet awards staff with iPad Minis
Interact Intranet has given all its employees in the UK, US and Australia an iPad Mini as a festive thank you.The intranet software provider wanted to thank its 62 employees for a great year, which included opening an office in Australia, continued expansion into the US market and the launch ...
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Government launches consultation on zero-hours contracts
The government has launched a consultation into the use of zero-hours contracts, following public and Parliamentary concern over whether there is abuse of such employment contracts.Its consultation is seeking ways to prevent any abuse and to maximise opportunities, both for employers seeking to create jobs and for individuals to get ...
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Government to raise auto-enrolment threshold
The government has proposed raising the pensions auto-enrolment earnings threshold from £9,440 for 2013/14 to £10,000 for 2014/15.It has also proposed a rise in the lower and upper limits of the qualifying earnings band.Its Review of the automatic-enrolment earnings trigger and qualifying earnings band for 2014/15: support analysis, includes analysis ...
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Mettis Aerospace staff call off pay strike
Mettis Aerospace employees have postponed a planned strike on 18 December after its management made an improved pay offer for 2014.Around 300 staff at the engine and airframe manufacturer’s plant in Redditch, Worcestershire will vote at a consultation today (18 December) on the offered 2.5% pay rise, an increase on ...
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ArticleJust 28% of FTSE 350 CEOs received a pay rise in 2013
More than a quarter (28%) of chief executive officers (CEOs) in the FTSE 350 saw no base salary increase at all in 2013, according to research by consultancy EY.Its Into the light: a look back on 2013 and insights into the new landscape of executive reward research found that, where ...
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NSK extends voluntary benefits scheme
EXCLUSIVE: NSK Bearings has extended its voluntary benefits programme to 590 additional employees at its Newark, Nottinghamshire site.The programme, which was initially launched in July 2011 at the manufacturer’s Durham site, had achieved participation of around 50% among its 300 staff.The Peterlee programme was re-launched in September 2013.Steve Metcalfe, HR ...
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Article39% planning pay rises below retail prices index
More than a third (39%) of respondents are planning a pay rise below the retail prices index (RPI) or intend to increase pay for certain staff only, according to research by the Confederation of British Industry (CBI) and Accenture.The CBI/Accenture Employment trends survey, which surveyed 325 employers with more than ...
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AstraZeneca agrees pensions longevity swap
AstraZeneca has agreed a longevity swap for its defined benefit pension scheme.The arrangement provides hedging against the longevity risk of around 10,000 of the scheme’s current pensioners and covers £2.5 billion of liabilities. The longevity swap has been agreed with Deutsche Bank, and advised by Aon Hewitt.Matt Wilmington, partner at ...
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Those born in 60s and 70s will be no better off in retirement than predecessors
Individuals born in the 1960s or 1970s will be no better off in retirement than the previous generation, according to a report by the Institute for Fiscal Studies (IFS).Since the Second World War, successive cohorts have experienced higher incomes and higher living standards than the previous generation, however, this has ...
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Higher pay would boost workplace motivation
Almost a third (32%) of respondents claim a higher salary would boost their workplace motivation, according to research by Canada Life Group Insurance.Its research, which surveyed 763 employees, found that 24% of respondents said that the financial security from protection products would improve their motivation and productivity, while 9% would ...
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City bonuses expected to rise by 44%
Bonuses for senior employees in the City are expected to increase by 44% in 2013, according to research by financial services recruitment firm Astbury Marsden.It found that the average bonus for managing directors is predicted to increase to £166,955 in 2013, up from £115,618 in 2012.This is expected to amount ...
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Key topics covered at Employee Benefits Connect, New York
Employee Benefits Connect unites thought-leaders and reward professionals to share ideas, challenge current trends and thinking, and discover solutions in an environment designed for networking.Conference topics include: ‘The role of HR in shaping company strategy’, delivered by Alan Momeyer, vice-president of human resources at Loews Corporation.‘Affordable Care Act – how ...
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LV= appoints Julia Tyson
With more than 25 years’ HR experience, Tyson joins from construction group Wates, where she was group HR director.Previously, Tyson was corporate HR director at Centrica for four years, and held HR roles at Royal Bank of Scotland and Barclays Capital.She said: “One of the things that particularly attracted me ...
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Mercer promotes Siobhan Martin
She replaces Mark Moorton, who left Mercer in July 2013.Martin has previously held the roles of Europe, Middle East and Africa (EMEA) HR director and global HR leader for Mercer’s retirement and investments businesses, based in London.Fiona Dunsire, UK chief executive at Mercer, said: “ Siobhan Martin has exceptionally well-rounded ...
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KPMG increases bonus pool to £73 million
KPMG has increased its employee bonus pool by 20%, from £61 million to £73 million in 2013.The professional services firm’s annual report for 2013 also showed that average partner pay has increased by 23%, from £580,000 to £713,000.Pay for the organisation’s chairman and senior partner, as recommended by the remuneration ...
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Employee Benefits Awards are industry pinnacle
John Whitaker, benefits consultant at BSkyB, explains what it means to win an Employee Benefits award.BSkyB was awarded ‘Best voluntary benefits plan’ at the Employee Benefits Awards 2013.1. What has winning an Employee Benefits’ award meant to you and to your team?This was an amazing achievement and has really rounded ...
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EBA agrees definition of identified staff for remuneration purposes
The European Banking Authority (EBA) has agreed its final draft regulatory technical standards (RTS) on criteria to identify categories of staff whose professional activities have a material impact on an institution’s risk profile.These identified staff will be subject to provisions related, in particular, to the payment of variable remuneration.The standards ...
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Gender pay gap continues to rise
The gender pay gap across Europe has increased to 10%, up from 7% two years ago, according to research by global management consultancy The Hay Group.Its Non-executive directors in Europe 2013 report, which surveyed 393 of Europe’s largest quoted companies across 12 countries, found that the median actual pay earned ...