All Financial wellbeing articles – Page 56
-
ArticleBank of America ups minimum hourly wage to $22
Bank of America has announced that it is raising its US minimum hourly wage to $22 (£17) as of the end of June, seeing an annualised salary for full-time employees increase to more than $45,000 (£36,007.20).According to the bank, this builds on its history of being a national leader in ...
-
AnalysisHow can employers engage staff in responsible pensions investment?
Need to know: While the idea of providing ethical and sustainable investment options has gathered popularity, the take up of these pension investments is still relatively low.Embedding environmental, social and governance (ESG) factors into default funds can be complicated, as it introduces additional risks and can distract from focusing on ...
-
ArticleSt Ermin’s Hotel becomes accredited living wage employer
St Ermin’s Hotel based in Westminster, London has received accreditation from the Living Wage Foundation.The hotel is part of the Autograph Collection and a subsidiary of Marriott Bonvoy, and the commitment will ensure that all 140 members of staff receive at least the London minimum hourly wage of £11.05. This ...
-
ArticleNational living wage rose 26% between 2015 and 2019
The national living wage (NLW) rose by 26% between April 2015 and April 2019, more than twice the 12% increase in median hourly pay for NLW eligible workers, and faster than inflation (8%), according to the government’s Low Pay Commission (LPC).The LPC reviewed the NLW until April 2020, at which ...
-
ArticlePoor financial wellbeing affected 2.5 million private sector staff
New analysis has discovered that 2.5 million private sector employees have taken time off in the last 12 months due to poor financial wellbeing, resulting in a total of 13 million days off work.Carried out by Centre for Economics and Business Research (CEBR) on behalf of pension, investment and protection ...
-
ArticleLidl Germany commits to pay staff €14 minimum wage
Image credit: Manuel Esteban / Shutterstock.comLidl Germany has committed to pay its employees a minimum entry-level wage of at least €14 (£11.93) gross per hour from 1 June.This will be an increase from the current Lidl minimum entry wage of €12.50 (£10.65) per hour, and will also exceed the ...
-
ArticleTallymoney pilots paying staff in gold
Image credit: Ascannio / Shutterstock.comFinancial services firm Tallymoney has offered its 20-plus members of staff the chance to get paid in gold rather than pounds and pence, in order to help them stay ahead of inflation.Cameron Parry, chief executive officer at Tallymoney, has himself signed up to the scheme. Parry ...
-
ArticleBBC awards staff 5.2% pay rise for 2022
The BBC has promised a 4.2% pay increase for its staff, followed by a further rise of 1% from August, bringing the total increase for 2022 to 5.2%.While this is 3% more than the annual pay increase provided by the broadcaster in 2021, it has acknowledged that this is still ...
-
AnalysisHow are cost-of-living increases affecting employee health?
Need to know:Money worries can affect employees’ physical and mental health and wellbeing, with research finding that financial concerns are leading to anxiety, sleep problems and cancelled gym memberships.Training line managers and promoting an organisation's employee assistance programme (EAP) can help employees access support for financial and mental health issues ...
-
ArticleInsecure and low-paid work could be costing Treasury £10 billion per year
A Trades Union Congress (TUC) report has warned that the government’s failure to stop insecure and low-paid work could be costing HM Treasury £10 billion a year.According to the research, which used the latest tax and benefit modelling, low-paid self-employment costs £9.7 billion alone each year, and more than £192 ...
-
ArticleHonest Burger and Claranet UK make shortlist for Best Financial Wellbeing Strategy - Small Employer at Employee Benefits Awards 2022
Restaurant chain Honest Burger and cloud and cybersecurity solutions firm Claranet UK have been shortlisted for the Best Financial Wellbeing Strategy – Small Employer category at the Employee Benefits Awards 2022.The award recognises a small employer with fewer than 1,000 employees that uses a proactive approach to addressing its workforce’s ...
-
ArticleHalf of DC pension schemes driven to help employees retire at reasonable age
Almost half (46%) of defined contribution (DC) pension schemes are primarily driven by the aim to provide sufficient pension funds for employees to retire at a reasonable age, up from 29% in 2020, according to research by Aon.Its 2022 DC pension scheme and financial wellbeing survey, which surveyed schemes collectively ...
-
ArticleLinkedIn to pay $1.8m in back wages to address equal pay disparity
Image credit: Ink Drop / Shutterstock.comEmployment networking site operator LinkedInhas reached a conciliation agreement with the US Department of Labor, in order to resolve allegations of gender-based pay disparities in its San Francisco and California locations.In a routine compliance evaluation, the Office of Federal Contract Compliance Program (OFCCP) found that ...
-
ArticleAmazon to reimburse US staff for travel to access abortions
Online retail business Amazon.com has introduced a policy to reimburse employees for travel expenses for certain medical procedures, including abortions.The news comes as a leaked draft opinion outed the Supreme Court's potential decision to overturn landmark abortion protection case Roe v Wade, the most recent development in a long-running erosion ...
-
ArticleStephenson Harwood offers full-time remote work for London leavers
Law firm Stephenson Harwood has offered employees in its London office the opportunity to move to a full remote-working arrangement, in exchange for a 20% reduction to pay.The firm told Employee Benefits that, during the pandemic, it opened up its recruitment to those not based in London, in order to ...
-
ArticleTorrance Car Wash fined after committing wage theft
Torrance Car Wash, based in California, USA, will have to pay its workers almost $750,000 (£597,023) and nearly $70,000 (£55,722) in fines after a state investigators’ audit found it had committed wage theft.According to the California Labor Commissioner’s Office, the business was cited $815,311 for wage theft violations involving 35 ...
-
ArticleChep staff vote to accept 9% pay increase deal
Staff employed by pallet supplier Chep at its site in Trafford Park, Manchester have voted to accept a 9% pay rise deal, ending a long-running strike.As well as receiving a pay increase that is higher than the current rate of inflation, and on average is worth £2,500, workers will get ...
-
ArticleSsangYong Motors UK becomes living wage employer
Korean car manufacturer SsangYong Motors UK has received living wage employer accreditation from the Living Wage Foundation.Its living wage commitment will ensure that all of its UK employees will receive a minimum hourly wage of £9.90 per hour if they are based outside of London, or £11.05 per hour inside ...
-
ArticlePay awards remain at highest level since 2008 but still lag behind inflation
HR software firm XpertHR has analysed 263 pay settlement outcomes, and found that the median basic pay award in the three months to the end of March 2022 was worth 3%, the same as the previous two rolling quarters.Pay awards therefore remained at their highest level since December 2008, when ...
-
Article50% of employers have not introduced extra financial support
Employee Benefits poll: Half of employers have not implemented extra financial support for their staff to combat the cost-of-living crisis, and do not plan on doing so.A total of 12% of respondents to an online survey conducted by Employee Benefits Magazine said they have introduced some additional financial help for ...