All Financial wellbeing articles – Page 17
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Article53% of employers do not think the living pension meets basic retirement needs
Employee Benefits poll: More than half (53%) of organisations do not think the living pension goes far enough to support employees in building a pension pot that meets basic retirement needs, according to a survey of Employee Benefits readers.One-third (33%) said they did think the living pension goes far enough ...
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ArticleIAG Loyalty launches financial wellbeing support for staff
Customer loyalty programme provider IAG Loyalty has introduced new financial wellbeing support for its more than 600 employees?as part of a drive to expand wellbeing assistance.Provided by AI-powered household money-saving tool Nous.co, the support is offered to IAG Loyalty employees through a subscription. The platform manages services including energy, mortgages, ...
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Supplier articleThe UK Chancellor of the Exchequer, Jeremy Hunt, delivered the government’s Autumn Statement 2023 on 22 November.
Importance of understanding the implications for businesses and individuals Being informed about the UK budget helps people make informed financial decisions, adapt to changes in the economy, and proactively manage both personal finances in response to government policies and priorities. Overview of theme of the budget: avoid ...
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ArticleMaths, Business and PE GCSEs result in higher lifetime earnings
Something for the weekend: We often hear of the impact higher education qualifications can have on earnings potential, but it appears that selecting certain GCSE subjects could also give salaries a boost in later life, according to research by online tutoring service Tutor House.Its analysis of the Office for National ...
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ArticleInverclyde Council awards staff pay rise
Inverclyde Council has announced that the majority of its 4,000 members of staff will receive a pay rise before Christmas.The council will implement a pay increase agreed by the Convention of Scottish Local Authorities (COSLA) leaders earlier this month. The increase is part of a revised pay offer from COSLA ...
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ArticleAutumn Statement: National insurance contribution rate cut to 10%
Class 1 national insurance contributions (NICs) will be cut to 10% from 6 January 2024.Currently, employees pay 12% NICs on earnings above £12,570, and 2% on earnings above £50,270. From next year, employees will pay 10% and 2% respectively. According to the government, which announced the move in the Autumn ...
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ArticleAutumn Statement: Government announces plans to offer pension pot for life
Chancellor of the Exchequer Jeremy Hunt has announced plans to offer a pension pot for life in the Autumn Statement 2023.This will give employees a legal right to require a new employer to pay pension contributions into their existing pot, avoiding the accumulation of multiple pension pots throughout their working ...
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ArticleNational living wage to increase from April 2024
The national living wage is to increase from April 2024.Jeremy Hunt, Chancellor of the Exchequer, has announced it will rise by 9.8% to £11.44 per hour and will apply to those aged 21 and over for the first time. A full-time worker aged 23 will receive an increase worth £1,800 ...
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ArticleHalf of UK deskless workers live pay cheque to pay cheque
Half (50%) of UK deskless workers live pay cheque to pay cheque and are without spare cash once monthly bills are paid, according to research by OC Tanner.The employee recognition firm’s 2024 Global culture report gathered insights from more than 42,000 employees, leaders, HR practitioners and executives from 27 countries, ...
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ArticleExclusive: Central Co-op launches financial support benefit for staff
Retailer Central Co-op has launched a financial support benefit across its support centre, food and funeral operations teams.The Co-op Credit Union benefit will form part of Central Co-op’s overall wellbeing offer. It will enable employees to access a range of tools, services and resources to support their mental health, money ...
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ArticleExclusive: Avison Young launches financial wellbeing platform
Global commercial real estate firm Avison Young has introduced a financial wellbeing platform for its 1,500 employees in the UK and Ireland.The platform, which is provided by Bippit, gives Avison Young's employees access to professional coaches with Financial Conduct Authority (FCA)-recognised qualifications for one-to-one financial coaching, targeted learning resources, and ...
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Supplier articleSALARY SACRIFICE: MAKING EMPLOYEE BENEFITS COST-NEUTRAL
With 50% of employers planning to increase spend on financial wellbeing in place of offering wage increases and cost-of-living payments, it’s never been more important to make employee benefits sustainable. Salary sacrifice solutions can help to make employee benefits cost-neutral, freeing up the budget to utilise in ...
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Supplier articleTop 10 tips for managing money this festive season
“Managing money during the festive season can be a challenging time for employees, but some careful planning could allow individuals to enjoy the holidays without getting into debt.” says Jonathan Watts Lay, Director, WEALTH at work, a leading financial wellbeing and retirement specialist.To help with this, WEALTH at work has ...
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ArticleMedian monthly pay for October up 5.9% year-on-year
Median monthly pay for October 2023 has increased by 5.9% compared to the same period last year, to an estimated at £2,276, according to data from the Office for National Statistics (ONS).Its labour market figures published on 14 November revealed that regular pay growth fell to 7.7% year-on-year in the ...
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ArticleDisabled staff earn 15% less than non-disabled peers
Disabled workers earn 15% less than non-disabled staff, according to research by Trades Union Congress (TUC).Its findings, which were published on Disability Pay Gap Day (14 November), from which disabled people effectively work for free for the rest of the year, also revealed that the pay gap for disabled workers ...
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Article45% of employers think the new living wage rate is enough
Employee Benefits poll: Almost half (45%) of organisations think the new real living wage rates of at least £12 per hour go far enough to support employees, according to a survey of Employee Benefits readers.One-third (35%) said they did not think the new real living wage rates go far enough ...
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ArticleDeutsche Bank completes £500 million pensions buy-in
Deutsche Bank has completed a £500 million buy-in for its UK pension scheme, its first to include deferred members.The transaction with Legal and General will secure the benefits of around 2,000 retirees and deferred members. Due to an existing umbrella contract with Legal and General, the buy-in was able to ...
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ArticleBasic pay for private and public sector staff to rise by 5%
Basic pay for public sector workers is expected to increase by 5%, the same rate as private sector staff for the first time since early 2021, according to research from the Chartered Institute of Personnel and Development (CIPD).The professional body for HR and people development’s Labour market outlook, which is ...
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ArticleSSE accredited as living pension employer
Credit: Alasdair Jones / Shutterstock.comScottish energy firm SSE has been accredited as a living pension employer to provide financial stability and security.The living pension, which launched in March 2023, is a voluntary savings target for employers that want to help workers, particularly low-paid ones, to build a pension pot that ...
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ArticleUK employers could spend up to £15bn on benefits staff do not want
UK employers could be spending up to £15 billion a year on employee benefits that do not resonate with their staff, according to research by Isio and YouGov.The organisations, which surveyed more than 7,000 private sector employees, found that 23% felt their current benefits package meets all their needs, with ...