All Article articles – Page 724
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Confessions of a benefits manager: Transfer rumours
We have yet another person in charge of mobility. It seems to come with the job that the incumbent is rather mobile too. No sooner have they unpacked their desk tidy than they are off looking for another job. I can understand why. Head of mobility is on the list ...
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Tax exemption for travel season ticket loans doubles
Budget 2013: The threshold for tax exemption on employment-related ‘taxable cheap’, low-cost or interest-free loans, such as travel season ticket loans, will double.Chancellor George Osbourne revealed in his 2013 Budget speech that the current threshold of £5,000 will increase to £10,000 for the 2014-15 tax year. As long as the ...
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Personal allowance increase could impact auto-enrolment
Budget 2013: The increase in the personal allowance to £10,000 a year could mean fewer employees are auto-enrolled into a workplace pension scheme.The increase, announced by Chancellor George Osborne in the 2013 Budget, will take effect from 2014/15.But Zoe Lynch, a partner at law firm Sackers, said: “The numbers being ...
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Government brings forward NI increases for DB pensions
Budget 2013: The government has brought forward an increase in national insurance contributions (NICs) for employers with contracted-out defined benefit (DB) pension schemes by a year.The move results from Chancellor George Osborne’s confirmation in his 2013 Budget speech that members of a DB scheme will no longer be able to ...
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Clampdown on offshore payrolls
Budget 2013: The government will end the use of offshore employment companies in tax havens such as Jersey and Guernsey from April 2014.This confirmed an announcement made by the chief secretary to the Treasury, Danny Alexander about the use of offshore payrolls.A full consultation will be announced in May. Budget ...
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Employee owners to receive tax breaks
Budget 2013: Following on from the introduction of a new employee ownership status in October 2012, Chancellor George Osborne has announced in the Budget 2013 that the first £2,000 of share value that any employee receives under the new status will be free from income tax and national insurance (NI) ...
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Armed forces exempt from progression pay reforms
Budget 2013: Armed forces employees are to be exempt from the government’s civil service progression pay reforms, due to the unique nature of their careers.As part of his 2013 Budget speech on 20 March, which marks the tenth anniversary of the Iraq war, Chancellor George Osborne said: “We are also ...
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Employee ownership sector to receive £50m boost
Budget 2013: The government has announced it will provide £50 million annually from 2014-2015 to incentivise the growth of the employee ownership sector.In its 2013 Budget, the government said this will be used to respond to recommendations from the Nuttall Review and other relevant organisations that aim to encourage employee ...
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TPR tasked with new objective on DB pension funding
Budget 2013: The government has tasked The Pensions Regulator (TPR) with a new objective to support defined benefit (DB) pension scheme funding arrangements, which are compatible with sustainable growth for the employer and fully consistent with 2004 funding legislation.The precise wording of the new objective will be set out in ...
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Government brings forward increase to personal allowance
Budget 2013: The government has brought forward its plans to increase the personal allowance to £10,000 to 2014/15.It means the first £10,000 of an employee’s annual salary will be exempt from income tax as a result of the increase, which was originally intended for 2015.Consequently, the average basic-rate taxpayer will ...
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Government confirms state pension brought forward to 2016
Budget 2013: Chancellor George Osborne has confirmed that the government will bring forward its plans to introduce a new single-tier £144 per week state pension by one year.As Employee Benefits previously reported Osborne first announced the changes on 17 March on BBC’s Andrew Marr Show.The new state pension was originally ...
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Government confirms removal of contracting out
Budget 2013: The government has confirmed that defined benefit (DB) pension scheme members will no longer have the ability to contract out of the State Second Pension (SSP) from 2016/17.The SSP will end as a result of the introduction of the single-tier state pension, which will begin from 2016/17.From this ...
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Government pledges to make savings through progression pay reforms
Budget 2013: The government has pledged to make significant savings through reforms to public sector progression pay.As part of his 2013 Budget speech on 20 March, Chancellor George Osborne said that some public sector employees have continued to receive annual pay increases in excess of 7% due to progression pay ...
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£2,000 national insurance allowance for employers
Budget 2013: The government has announced that all employers will get the first £2,000 taken off their national insurance contribution (NIC) bill.George Osborne said that the reform, aimed at small organisations, will come into effect from April 2014. The Chancellor has labelled the policy the employment allowance. He gave the ...
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Government to extend public sector pay rise cap by a year
Budget 2013: The government has extended its 1% cap on public sector pay rises by a year to 2015/16.The cap applies to the civil service and workforces with pay review bodies, which Chancellor George Osborne said will be tasked with determining appropriate levels of award based on their affordability and ...
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BAE Systems freezes senior managers' pay
BAE Systems has frozen the annual pay of its senior managers.The organisation revealed in its Annual report 2012 that its chief executive, group finance director, president and chief executive officer of BAE Systems, Inc and other executives will have their salaries kept at 2012 levels. The report also disclosed that:Chief ...
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Greater Manchester Police introduces new payroll system
Greater Manchester Police has introduced a new payroll management system to help it comply with real-time information (RTI) legislation.The iTrent cloud service, provided by MidlandHR, has a single database, which will bring the organisation’s entire human resources operation, servicing more than 11,000 employees, onto a single platform.Declan McGrath, managing director ...
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CBI appoints new president of its employers’ group
The Confederation of British Industry (CBI) has announced that Sir Mike Rake will succeed Sir Roger Carr as president in June 2013.Rake (pictured) is chairman of the BT Group and Easyjet, as well as deputy chairman of Barclays and a director at McGraw-Hill.His previous roles also include chairman of the ...
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Live updates from the 2013 Budget
The Employee Benefits team will be reporting live on the Budget on 20 March.Stay tuned for all the updates on how it will impact benefits and reward.
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Punter Southall acquires Enrich Reward
EXCLUSIVE: Punter Southall Health and Protection has acquired employee benefits consultancy Enrich Reward.The acquisition was completed on 18 March for 100% of the share value and an undisclosed sum.Combined with Enrich Reward, Punter Southall Health and Protection Consulting (PSHPC) will now advise more than 670 employers, representing more than £100 ...