All Financial wellbeing articles – Page 53
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OpinionElena Visser: The argument for giving employees growth shares
The benefits of giving employees a stake in the business by way of equity participation are well rehearsed.Often the decision comes down to a choice between allocating shares upfront, effectively making the employee a day-one shareholder, versus granting them a tax-efficient enterprise management incentive (or EMI) share option.Making employees a ...
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ArticleEXCLUSIVE: 80% rise in worker Covid death pay outs
The amount of money paid to dependents of employees who died with Covid-19 (Coronavirus) soared in 2021, research has revealed.Data collected by reinsurer Gen Re showed an 80% increase last year in the value of group life assurance pay-outs involving Covid-19 on a death certificate or claim form.The figures, sourced ...
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ArticleOcean Holidays Group becomes living wage employer
Ocean Holidays Group has become an accredited living wage employer, resulting in all its full-time workers earning at least £23,000 per year.The Essex-based firm, which has more than 150 employees, joined almost 9,000 employers including Google, Ikea and Everton Football club in achieving certification from the Living Wage Foundation.Accredited businesses ...
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AnalysisTop tips on how employers can reduce the gender pensions gap
Women need to be aware of the impact of career breaks and part-time working on their pensions, and how they may be able to mitigate the impact.Online ‘Mind the gap’ calculators, using video, animation and social media can help to promote relevant messages.Providing education on how pensions work and what ...
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ArticleBMW Mini plant staff receive pay rise
Around 3,500 workers at the BMW Mini vehicle plant in Oxford will get an immediate 5.5% increase in basic pay following negotiations between the employer and trade union members.The multi-year deal will see the initial rise backdated to 1 January 2022 and include lump sum payments totalling £1,500 throughout this ...
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ArticleStaff in unions earn 5% more than others
Unionised employees are paid on average 5% more than other workers, research has revealed.Analysis published by the Trades Union Congress (TUC) highlighted that union members could earn in excess of £60,000 more than non-union employees over their working lives. Based on average pay, the typical union pay premium is to ...
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ArticleMaking Space rewards staff with pay rise
Adult health and social care services charity Making Space has given its more than 1,000 members of staff a pay increase to a minimum of £9.90 per hour from April 2022.The rise, which will see full-time support workers earn an additional £1,700 each year, ensures that all employees will receive ...
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ArticleGirls' Day School Trust staff strike in pensions row
Teachers at all 23 schools that are part of the Girls' Day School Trust (GDST) have gone on strike in a dispute over proposed changes to their pensions.The trust wants to move to a flexible, defined contribution scheme, but the NASUWT teachers’ union argued that the changes would mean staff ...
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ArticleTayto Group gives staff pay rise
Snack manufacturer Tayto Group has awarded its 450 members of staff a pay rise to help them and their families keep up with the cost of living.Trade union GMB said the pay increase will be awarded to staff immediately and is "in line with" the current inflation rate.The Office for ...
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ArticleLiving wage would help mental health of 63% of low paid staff
More than six in 10 low-paid workers believe receiving the real living wage would improve their mental health, research has revealed.The poll of 1,702 adults in full-time employment but earning less than the real living wage, carried out by the Living Wage Foundation and market research agency Survation, also found ...
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ArticleTalbots Law becomes living wage employer
Talbots Law has become an accredited living wage employer, committing to pay its staff in line with rates set by the Living Wage Foundation.The law firm, which became an employed owned trust last year and employs 324 people across seven offices in the west Midlands, joins around 9,000 UK businesses ...
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Article66% of workers unaware of total pension savings
Two-thirds of workers do not know how much money they have saved towards retirement, research has revealed.Of 500 people surveyed by online pension provider PensionBee, 66% said they were unaware of the total value of their pension pots.The research found that PensionBee’s working customers over the age of 40 have ...
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ArticleThe top 10 most-read articles between 28 January – 3 February 2022
The top 10 most-read stories on employeebenefits.co.uk between 28 January and 3 February 2022 were: University staff plan strikes over pensions and payDeloitte introduces flexible public holidays Pimlico Plumbers loses holiday pay appeal 347,000 more staff used an EAP in 2021What support can employers offer for staff going through gender ...
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ArticleUK banks pay men 34% more per hour than women
Men are paid on average 34% more per hour than women across the UK banking sector, research has revealed.Loan provider Tic Finance used the most recent gender pay gap reports published on the official government website by 49 UK banks and building societies to analyse the extent of the gender ...
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ArticleHalf of 2022 pay awards worth at least 3%
Employee pay rises have typically been worth about 3% in 2022, up from a median of 2% last year, according to fresh data.Incomes Data Research (IDR) analysed 57 pay deals already agreed for 2022 and found that around half of reviews had concluded to give employees an increase of 3 ...
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Case StudiesHays structures benefits provision to meet employee need
Hays keeps its benefits portfolio under constant review, with an extra focus throughout the year on finessing the offering ahead of the annual opening of the recruiter’s benefits portal every November.When she first joined the organisation, group head of reward Rosemary Lemon spent some time organising its employee benefits into ...
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ArticleThree UK gives pay rise to retail staff
Phone network provider Three UK has announced pay increases of up to 12.6% for its retail staff.The firm, which has about 2,500 store workers, said it had boosted their minimum hourly rates to £10.13 nationwide and £11.40 in London from 1 January this year.Applicable to all staff regardless of their ...
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ArticleHigher pay rises could lead to £142k gender pensions gap
Higher pay rises for men than women could result in a gender pensions gap of £142,603, according to new findings.Research commissioned by investment solutions firm Fidelity International revealed that men typically receive £733 more than women when their salary is increased.Fidelity's modelling showed that a 25-year-old man on an average ...
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ArticleDWP publishes pensions dashboards consultation
The government has published a key document in the creation of a single portal for people to manage their retirement income.The Department for Work and Pensions (DWP) launched a consultation titled Pensions dashboards: consultation on the draft pensions dashboards regulations 2022.According to the DWP, this represents a “significant” step towards ...
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Article19% pay rise for 200 Carntyne Transport staff
Workers employed by Glasgow-based logistics firm Carntyne Transport have won a 19% pay rise.Around 200 cask handlers and drivers of heavy goods vehicles (HGV), forklifts and shunters will receive the basic hourly pay increase from £12.60 to £15 following negotiations by the Unite Scotland trade union.There will also be a ...