All Financial wellbeing articles – Page 45
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ArticleRoyal London gives lower-paid employees £1,000 pay rise
Insurance group Royal London has pledged to give all permanent and fixed-term employees on full-time equivalent (FTE) salaries of less than £40,000 per annum a £1,000 FTE pay increase.The organisation employs more than 4,000 workers, and the pay rise will take effect from October for around half of its workforce, ...
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ArticleYorkshire Building Society gives staff £1,200 cost-of-living payment
Yorkshire Building Society has awarded the majority of its employees a one-off £1,200 payment in order to boost its financial support and help with the rising cost-of-living.All eligible members of staff will receive the payment in September, subject to the usual deductions. Chief officers, directors and any employees working their ...
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Case StudiesVirgin Money firmly embeds financial wellbeing into employee experience
When Virgin Money introduced its new employment package, A Life More Virgin, in early 2022, financial wellbeing was one important piece in the jigsaw.Post-pandemic, flexibility and choice are key themes which run through the employee experience at Virgin Money. Accordingly, the bank wanted each of its 7,500 employees to find ...
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AnalysisHow to create a targeted financial wellbeing strategy
Need to know:Many employers already have great financial wellbeing tools in place, they just need to be promoted more effectively.Any benefits introduced to support financial wellbeing should be underpinned with education.Employers should plan to measure the effectiveness of any financial wellbeing support and be prepared to amend this if situations ...
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Supplier article92% of Trustees fear their members approaching retirement will be targeted by scammers
WEALTH at work’s survey* with the Pensions Management Institute (PMI) has revealed that 92% of Trustees fear their members approaching retirement will be targeted by scammers.Jonathan Watts-Lay, Director, WEALTH at work, a leading financial wellbeing and retirement specialist, comments; “Pension scams are a persistent problem which have a devastating impact ...
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ArticleNationwide Building Society gives staff £1,200 cost-of-living payment
Nationwide Building Society has awarded its more than 11,000 members of staff with a £1,200 one-off payment as it increases support during the cost-of-living crisis.The payment has been introduced for those who earn £35,000 or less per year, which is 61% of its 18,000-strong workforce. It will be paid in ...
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ArticleEXCLUSIVE: 35% of employers will not change pay despite rising living costs
More than a third (35%) of employers are not planning on making any changes to pay policies in light of the current economic environment, according to research by insurance brokerage, risk management and consulting services firm Gallagher.Conversely, 40% of employers said they have demonstrated their commitment to supporting employees financially ...
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ArticleMedian monthly pay up by 6.6% in July 2022
Early estimates for July 2022 from the Office for National Statistics (ONS) indicate that median monthly pay was £2,108, a 6.6% increase compared with the same period last year.According to the findings, pay growth fluctuated around 3.6% until 2020 when it became negative, following an increasing pay growth trend between ...
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Supplier articleWHAT SHOULD A FINANCIAL WELLBEING OFFERING LOOK LIKE?
The current cost of living crisis will be affecting all of your employees right now. Soaring inflation is impacting the cost of everything, from petrol at the pumps to the weekly shop, and the effects on wellbeing could be devastating.As an employer you’re uniquely placed to support your workforce with ...
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ArticleAldi gives distribution centre staff up to 9% pay rise
Supermarket chain Aldi has increased the hourly rate of pay for thousands of its UK regional distribution centre employees by up to 9%.As of September, all hourly paid colleagues within its warehouses receive pay rises of up to 9% on their previous January 2022 hourly rates.Warehouse selectors, which make up ...
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ArticleCoastline Housing pilots living pension to combat poverty in retirement
Cornish charitable housing association Coastline Housing has launched a pilot living pension scheme, initiated by the Living Wage Foundation, in order to combat poverty in retirement for its 350 employees.The association, which owns and manages 5,000 homes across Cornwall, is one of six employers that have committed to testing a ...
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ArticleEast Belfast launches campaign to become living wage place
Regeneration charity the EastSide Partnership has launched a campaign to encourage employers in East Belfast to commit to paying the real living wage, to help the area to become an accredited living wage place.EastSide Partnership has launched the campaign as part of its Scaffolding Project, which aims to raise awareness ...
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ArticleLufthansa increases ground staff pay by up to 18.4%
Image credit: Nate Hovee / Shutterstock.comGerman air travel business Lufthansa has increased pay for around 20,000 ground service employees, working across various tranches of the business, by up to 18.4% depending on position and length of service.The pay award was agreed following collective bargaining proceedings with trade union Ver.di and ...
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ArticleNHS Grampian gains living wage accreditation
NHS Grampian in Aberdeen has gained accreditation as a Living Wage employer, following assessment by Living Wage Scotland and the Poverty Alliance, having committed to pay its 16,500 employees a salary that meets inflation and combats rising living costs.In April 2022, the government's living wage was set at £9.50 for ...
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ArticleAmazon adds academic coaching to benefits package
Technology and e-commerce business Amazon has enhanced its Career Choice programme with academic coaching for US-based staff.The programme was originally launched in 2012 to offer prepaid higher education to more than 750,000 hourly members of staff. Through its new partnerships with educational organisations Beyond 12 and Kaplan, Amazon has added ...
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Case Studies71a uses pay rises to motivate and reward employees
71a, a digital marketing agency that works with consumer finance brands, has not only given its eight full-time employees a pay rise this year to combat the increase of national insurance rates, but also upped wages by £1,500 in January in an attempt to help with increasing inflation.According to the ...
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AnalysisAre pay rises the best staff retention tool?
Credit: GoldenShark2 / Shutterstock.comAn employer’s compensation policy needs to be fair, equitable and as transparent as possible.Regular pay increases can be useful because if these are timely and properly aligned with career opportunity and growth, they can help employees feel engaged and motivated.Employees look to prospective employers for clarity and ...
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ArticleTesco agrees to cost-of-living pay rise for distribution centre employees
Around 2,400 Tesco distribution centre employees have gained a 9.5% pay rise in order to help manage the rising cost of living.The pay rise has been applied to all employees in distribution centres managed by Pertemps, including those in Lichfield, Livingstone and Daventry. Pertemps noted that it hopes the pay ...
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ArticleThe top 10 most-read articles between 29 July – 4 August 2022
The top 10 most-read stories on employeebenefits.co.uk between 29 July and 4 August were: HSBC awards lowest-paid staff £1,500 cost-of-living bonusRicoh UK introduces financial wellbeing app for employeesCo-operative Bank gives staff £1,000 cost-of-living pay riseUniversity of the Arts London enhances parental leaveOnly 22% of employers target benefits to specific demographics46% ...
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ArticleShell awards 8% bonus following record profits
Energy organisation Shell has given its workers a one-off 8% bonus in order to reflect its financial success and record profits from high oil and gas prices.Most of the 82,000 members of staff the business employs worldwide will receive the payment, but top executives will not be included.Shell reported second ...