All Financial wellbeing articles – Page 66
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Article25% would increase pension contributions if they understood tax relief
One in four people would be more likely to increase pension contributions if they understood tax relief better, according to new research.A survey of 2,000 UK adults carried out by Opinium on behalf of insurer Royal London found that 15% of respondents fully understood how tax relief on pension contributions ...
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ArticleBritish Car Auctions faces legal action from drivers over pay and status
British Car Auctions (BCA) drivers have begun legal action against the company over their employment rights.The drivers claim they only receive between £4 and £6 an hour when factoring in work-related expenses, which is below the current national living wage of £8.91.As they are classed as self-employed, the drivers also ...
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ArticlePay deals improve as inflation rises
Pay deals in April have given cause for optimism but they come against a backdrop of rising inflation.According to research from XpertHR, although the median pay award is still less than it was a year ago, it has reached its highest level since the quarter ending in November 2020.The median ...
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ArticleCompulsory schemes could provide financial protection for employees
Mandatory schemes that include hardship support may be able to provide financial protection from economic distress caused by the Covid-19 (Coronavirus) pandemic, according to research from Zurich Insurance Group and the University of Oxford’s Smith School of Enterprise and the Environment.The report, entitled Shaping a brighter future of work, has ...
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ArticleVeolia workers ballot for strike action over pay freezes
Workers employed by waste contractor Veolia have threatened industrial action in a row over pay freezes.The dispute involves members of UK union Unite who work as part of the company's commercial bin collection service, which operates from more than 25 depots across the UK.The workers object to Veolia attempting to ...
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Supplier articleFinancial wellbeing and the links to maintaining a productive workplace
There’s a good chance that you’re reading these words sat in the comfort of your own home as the global pandemic forces us to work in a new remote environment. Before anybody had even heard of ‘COVID-19’, the thought of home working may have been music to ...
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ArticlePledge to make Manchester a living wage city
Newly re-elected mayor of Manchester Andy Burnham has unveiled a vision for the city to become the UK’s first to pay the living wage.A new Living Wage City-Region action group has been set up - which will see Burnham begin talks and start collaborations with businesses, unions, local authorities, faith ...
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Article25% of 55-64-year-olds unaware of pension freedoms
More than six years after employees gained pension freedoms that gave them more control of their retirement savings, research has revealed one-in-four people aged 55-64 are not aware of them.This lack of knowledge among the age group most likely to need the freedoms was highlighted by Fidelity International. According to ...
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ArticleSovereign Housing Association reveals 1.7% gender pay gap
Sovereign Housing Association, which serves the south and south-west of England, has announced a mean gender pay gap of 1.7%.The disparity is the smallest it has been since measuring began, and this 2020 figure is an improvement from the 4% recorded for 2019.The organisation's median gender pay gap is even ...
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ArticlePension participation stalls for first time since 2012
Data released by the Office for National Statistics (ONS) has revealed 78% of people now have a workplace pension – up from 47% just eight years ago.The findings, which showed figures as at April 2020, also highlighted that last year was the first since 2012 where pension participation levels remained ...
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ArticleFurlough wages exceed £61 billion
Employers have paid more than £61.3 billion in furlough wages to staff since the start of the Covid-19 (Coronavirus) pandemic, data released by the Office of National Statistics (ONS) has shown.According to government statisticians, numbers of furloughed workers have been gradually decreasing, with 4.2 million on the Coronavirus Job Retention ...
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Article41% of employees trust financial wellbeing tools
Financial wellbeing tools must improve in the aftermath of the Covid-19 (Coronavirus) pandemic, according to new research.Willis Towers Watson's Future of financial wellbeing study revealed that only 41% of employees would trust financial wellbeing provisions provided by their employer. This figure was only 26% among Baby Boomers and 36% among ...
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Supplier articleHow to identify employees at risk of breaching the LTA and what they can do
As announced in the Budget, the Lifetime Allowance (LTA) will remain at its current level of £1,073,100 until April 2026. It’s been predicted that an estimated 10,000 individuals with large pension pots will pay more than £22,000 extra in tax by 2024.WEALTH at work believes that the LTA will typically ...
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ArticleShare schemes found to boost wealth by up to £10,000
Staff who take advantage of share schemes could be better off to the tune of £10,000 compared to those who do not, according to new research.Data from the Social Market Foundation (SMF) revealed there is a distinct ‘wealth benefit’ of participating in share ownership schemes – and yet less than ...
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ArticleEmployers launch gender pay gap campaign
Major organisations, including Fawcett Society and Women on Boards UK, have backed a new gender pay gap campaign to speed up progress on reporting data.‘Reset the Timeline’, launched today (4 May) and led by pay gap specialist Spktral, is asking qualifying employers to not delay submitting their information until the ...
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ArticleEmployees still losing track of their pensions
Despite all the marketing and employee communications, the number of people who have lost track of at least one of their pensions has barely improved at all in the past five years, according to new research.Data released by Aegon has revealed 17% of those with multiple pensions do not readily ...
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ArticleStar Refrigeration converts to all EV car salary sacrifice
Glasgow-headquartered industrial refrigeration provider Star Refrigeration has announced it has switched its entire car salary sacrifice offering to electric vehicles (EV)-only.The company – which employs 400 people and has a fleet of more than 150 vehicles – said it made the decision in order to make its journeys more sustainable.The ...
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ArticleNHS Lanarkshire offers staff quit smoking app
The health board of NHS Lanarkshire has rubber-stamped the roll out a new app, which has been designed to help staff quit smoking, as well as enable them to improve their health and wellbeing.The decision means North and South Lanarkshire Council Homecare support workers, HRM Homecare support workers, and South ...
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ArticleScarborough Council reveals negative pay gap
Scarborough Borough Council has released its gender pay gap report – and for the fourth year in a row, it has found women are paid more than men.To the year ending 31 March 2020, its data showed that the council’s mean gender pay gap was -2%. This compares to the ...
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ArticleHalf of employers not sick-pay compliant
Half of employers are yet to comply with legislation around sick pay, according to new research by Group Risk Development (Grid).The Employment Rights (Employment Particulars and Paid Annual Leave) (Amendment) Regulations 2018 (SI 2018/1378) came into force on 6 April 2020. It requires employers to inform their staff of their ...