All Article articles – Page 781
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London Fire Brigade relaunches bikes-for-work scheme
EXCLUSIVE: London Fire Brigade has relaunched its bikes-for-work scheme with a series of roadshows throughout July.The scheme is available to more than 6,000 firefighters and support staff in London.More than 2,700 bikes have been purchased since the scheme was launched with provider Cycle Solutions in 2008.The contract also allows other ...
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Early start to retirement saving is best
The majority (89%) of respondents said starting to save for retirement under the age of 25 is advisable, according to research by Friends Life.The research, which surveyed 160 of the pension provider’s corporate pension scheme members, also found that 49% of respondents began paying into their pension before the age ...
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Low Pay Commission launches consultation on accommodation offset as part of review
The Low Pay Commission has launched a public consultation on the accommodation offset, the only benefit-in-kind that can count towards payment of the national minimum wage.The benefit, which is currently set at a daily limit of £4.73 (£33.11 a week) and is designed to act as a protective measure, to ...
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Amazon offers US staff education funding
Amazon has launched a programme that offers its US warehouse workers funding for educational courses.The online retailer will pay up to 95% of the tuition, textbook and associated fees, up to $2,000 per year for four years, for courses from accredited schools, which will lead to technical and vocational certificates ...
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Kay report calls for realignment of executive remuneration
A report commissioned by the government has proposed to realign company incentives by better relating directors’ remuneration to long-term sustainable business performance.The report, UK equity markets and long-term decision making, has also proposed that long-term performance incentives should be provided only in the form of company shares, to be held ...
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HMRC publishes consultation on tax avoidance schemes
HM Revenue and Customs (HMRC) has published a consultation on improving the information available about tax avoidance schemes and the risks of using them.The consultation includes proposals to revise and extend the Disclosure of Tax Avoidance Schemes (Dotas) hallmarks (the descriptions of schemes required to be disclosed for income tax, ...
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FTSE 100 pension debt doubles
The total deficit of FTSE 100 defined benefit (DB) pension schemes has more than doubled in a year, according to research by consultancy JLT Pension Capital Strategies.The research found that the estimated figure for the total debt is £73 billion at 31 March 2012, up £38 billion from 12 months ...
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ISS UK to implement multi-employer trust for auto-enrolment
ISS UK is to implement a multi-employer trust to comply with the auto-enrolment legislation.The facility service provider will introduced the trust, provided by Now:Pensions, for the eligible employees in its 42,500-strong workforce from its staging date in January 2013.Matthew Brabin, chief financial officer at ISS UK, said: “With the imminent ...
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Half of respondents plan below-inflation pay awards
Nearly half (48%) of respondents said they are planning a below-inflation pay award or targeted pay rises, according to research by the Confederation of British Industry (CBI) and Harvey Nash.The employment trends survey, Facing the Future, which polled 319 organisations employing 1.9 million people in the UK, also found that ...
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Spanish firefighters strip to protest against pay cuts
The economy is biting in nearly every country in the world, resulting in cuts to pay and bonuses for many, and protests against austerity measures are nothing new.However, few employees will resort to a striptease to get their point across.But eight Spanish firefighters from Mieres, in northern Spain, stripped to ...
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Cookson Group enters into pension insurance buy-in agreement
Cookson Group has entered into a pension insurance buy-in agreement with Pension Insurance Corporation (PIC).The transaction covers the material science firm’s pensioner liabilities totalling around 60% of the total liabilities, with an insurance premium of around £320 million from existing assets of the defined benefit (DB) pension scheme.The buy-in agreement ...
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CIPP sends first real-time information submission
The Chartered Institute of Payroll Professionals (CIPP) has sent its first real-time information (RTI) submission.Exchequer secretary David Gauke was on hand at the CIPP’s offices in Solihull to observe the payroll department send 145 employer details as part of its first RTI submission.RTI, a new way for employers to report ...
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The Pensions Regulator publishes statement on pension incentive exercises
The Pensions Regulator (TPR) has published a principles-based statement on incentive exercises following a publication in June of an industry code on this area.An incentive exercise is where an employer seeks to reduce risk or cost associated with its defined benefit (DB) pension scheme by offering members the option to ...
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Shilling Communication launches auto-enrolment product
Shilling Communication has launched an auto-enrolment communications product, to help employers with the administrative burden of auto-enrolment.The product can be used by organisations of all sizes, but is particularly targeted at large employers, which have a large annual turnover or a high number of new joiners per annum.The product is ...
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Foster Denovo acquires Barker Poland
Foster Denovo has acquired the corporate division of wealth management firm Barker Poland.Foster Denovo is the parent company of employee benefits provider Secondsight.Roger Brosch, chief executive at Foster Denovo, said: “The acquisition of Barker Poland’s corporate division is part of the focus of bringing employers, advisers and support staff to ...
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EXCLUSIVE: RSA Group launches eyecare scheme following pilot
Royal Sun Alliance (RSA) Group has rolled out an eyecare scheme to its 3,000 UK employees.The global insurer's scheme, which it piloted in May 2011 with its fleet drivers, is provided by Specsavers Corporate Eyecare.It has been launched using a series of roadshows, which included vision screening, followed by advice ...
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Goldman Sachs' pay and benefits spend fell 9% in second quarter of 2012
Goldman Sachs’ compensation and benefits’ spend was down 9% in the second quarter of 2012, compared to the same period in 2011.The figures were published in the global investment and securities firm’s 2012 second quarter report.The accrual for compensation and benefits expenses, which includes salaries, estimated year-end discretionary compensation, amorisation ...
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Southampton Football Club moves payroll system online
Southampton Football Club has brought its payroll system online, after it identified its payroll department was spending 25% of its time manually inputting employee information.The system, provided by Auto Time Solutions, records staff hours, then imports the data so staff are paid accurately and any overtime payments are also administered.Karen ...
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Johnson Matthey increases additional voluntary contributions and bonus sacrifice by 350%
Johnson Matthey has seen a 350% increase in employees sacrificing their annual bonus to pay 1% in additional voluntary contributions (AVCs) into their pension scheme.The increase followed the launch of a personalised newsletter, which was sent out to all 3,500 active members of the global chemicals and precious metals firm’s ...
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48% of UK employees were in workplace pension schemes in 2011
Almost half (48%) of UK employees were members of an employer-sponsored pension scheme in 2011, falling below 50% for the first time since 1997, according to figures by the Office of National Statistics (ONS).The figures, which are part of the update to Pension Trends, chapter, 6, 7 and 8, also ...