All Financial wellbeing articles – Page 13
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ArticleMedian pay increase remains at 5% in three months to April 2024
The median pay increase across the UK economy has remained at 5% in the three months to April 2024, according to the latest analysis by Incomes Data Research (IDR).The research organisation analysed a sample of 159 pay awards effective between 1 February and 30 April 2024, covering more than 1.3 ...
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ArticleSpecialists, associate specialists and specialty doctors accept pay offer
Specialists, associate specialists and specialty (SAS) doctors have accepted an improved pay offer from the government, following months of negotiations.The doctors, who are members of the British Medical Association (BMA), will see a basic rise of between 6.1 and 9.22% of their current pay, which is equivalent to a 10.4% ...
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ArticleDanish men’s football team signs pay deal that supports female players
The Danish men’s national football team has signed a four-year pay agreement with the Danish Football Association (DBU) that also supports the women’s team.The agreement, which was arranged with Danish player union Spillerforeningen, will come into effect after this year’s UEFA Euro championships. It will see male and female players ...
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ArticleBuilding and Allied Trades Joint Industrial Council agrees to one-year pay deal
The Building and Allied Trades Joint Industrial Council (BATJIC), managed by the Federation of Master Builders (FMB), has agreed to a one-year pay deal over the next year for builders.The deal, which was also agreed with trade union Unite, includes a 4% wage rate increase, one extra day of holiday, ...
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ArticleExclusive: Co-op wins Grand Prix at Employee Benefits Awards 2024
Co-op was presented with the highly coveted Grand Prix award at the Employee Benefits Awards 2024, which took place on Friday 14 June at The Honourable Artillery Company (HAC) in London last week.The Grand Prix is the ‘winner of winners’ accolade and is selected from the winning entries across all ...
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ArticleTyler Grange receives living wage employer accreditation
Environmental consultancy Tyler Grange has received living wage employer accreditation from the Living Wage Foundation.More than 80 staff employed by the London-based consultancy, which operates a four-day working week, will now be paid a minimum of £13.15 per hour, which is the rate for the capital. This will see employees ...
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ArticleExclusive: Younger staff more likely to prioritise family planning in financial goals
Younger employees are increasingly likely to prioritise family planning in their financial goals, according to research by financial education platform provider Nudge.Its annual Global financial wellbeing report, which surveyed more than 11,500 employees globally, including 2,000 in the UK, also found that 66% of UK men aged 25-34 are setting ...
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Case StudiesThe benefits offered by Aldermore Bank
The benefits on offer at Aldermore Bank:PensionA group personal pension (GPP) plan with salary sacrifice arrangement for all employees. Employee/employer contribution levels are 3%/6%, 4%/8% and 5%/10%.Group riskLife assurance, employer paid for all employees at four-times salary, with the option for employees to flex up at their own cost to ...
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Case StudiesPodcast: Aldermore Bank ensures its benefits proposition supports financial wellbeing
Listen: This episode of the Employee Benefits podcast shines a light on how Aldermore Bank has embedded its organisation’s purpose in all of its operations and ensures this is apparent within its reward strategy. Its purpose is to support people to ‘go for it’ in life and business, and ...
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Supplier article1.5 million mortgage fixes expected to end this year
Over the next year 1.5 million homeowners are expected to face sharp increases in their monthly mortgage payments when their fixed rate deal comes to an end, with prices rising by approximately £1,800 a year on average[1].To help with this, WEALTH at work has outlined some top tips below to ...
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ArticleAston Martin increases pay and awards cost-of-living payment
Sports car manufacturer Aston Martin is to increase pay for more than 2,500 eligible UK employees and contractors.The two-year pay agreement includes a 4% annual pay increase for its workforce in 2024 and 2025. In addition, manufacturing technicians will receive a 1.5% rise in 2025 alongside a one-hour reduction in ...
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ArticleOne-third of employees feel less engaged due to personal finance issues
One-third of employees are less engaged at work and more likely to report unmanageable stress due to their personal finances, according to research by Engage for Success.Its UK employee engagement survey 2023, run in partnership with Nottingham Business School, received responses from more than 3,000 employees. The results were translated ...
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AnalysisHow effective is strike action in pay and benefits disputes?
Employees often take strike action over issues such as pay, health and safety, pensions, benefits, changes to terms and conditions, and union recognition. The UK has strict laws regarding strike action and it cannot take place if certain requirements have not been met. Employers should consider ...
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ArticleCollege supervisors at University of Cambridge accept 15% pay rise
College supervisors employed by the University of Cambridge have won an average pay rise worth 15%.The workers, who are represented by the Cambridge branch of the University and College Union (UCU), lead undergraduate tutorials or supervisions with students.They will receive new rates that have been introduced on the university’s salary ...
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ArticleVantec drivers for Rolls Royce win 6.1% pay rise
Drivers employed by Vantec, who supply parts to a Rolls Royce plant, have won a 6.1% pay rise and pay protection.The workers, who are members of trade union Unite, deliver components from the organisation's warehouse in Bognor Regis to Rolls Royce’s Goodwood plant. This is their first dispute after winning ...
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Article49% of employees do not know how they will access pension savings
Almost half (49%) of employees aged between 50 and 59 do not know how they will access their pension savings, according to research by workplace pensions provider TPT Retirement Solutions.Its survey of 2,500 defined contribution (DC) members also found that 23% of respondents would draw it down over time, 16% ...
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ArticleMenzies Aviation ground services staff at Glasgow Airport accept pay deal
More than 200 workers employed by Menzies Aviation at Glasgow Airport have accepted a one-year pay deal, which will increase pay packages by 6.8%.The ground services crew, who are members of trade union Unite, include dispatchers, allocators, airside agents and controllers.They overwhelmingly voted to accept the offer, which will be ...
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ArticleUK gender pay gap falls by 0.4% over past year
The mean gender pay gap has fallen by 0.4% in the past year, from 12.2% in 2022/23 to 11.8% in 2023/24, according to research by PricewaterhouseCoopers (PWC).The professional services firm found that among UK employers that disclose their hourly gender pay gaps, the median hourly pay gap has decreased from ...
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ArticleScottish government introduces pay rise for public sector employees
The Scottish government has implemented a pay rise for public sector employees worth an average of 9.3% over the next three years.The 2024-25 Public sector pay policy details a framework for pay increases for civil servants and other public sector workers. Apart from senior civil servants, it applies to those ...
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AnalysisHow can employers effectively deliver financial wellbeing support to a dispersed workforce?
Need to know:Financial wellbeing support must be accessible to all employees on demand regardless of their working location.Finding out what is needed can help shape support to a dispersed workforce.Support and communications that are useful to the majority of employees can avoid exclusion.In its State of financial wellbeing index 2024 ...