All Financial wellbeing articles – Page 69
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AnalysisHow are employers honing their financial wellbeing schemes to help staff weather the pandemic?
Need to know:Employers are moving away from purely educational financial wellbeing to pro-active interventions such as workplace savings schemes.Home working is driving a shift in the way financial wellbeing advice is provided.Despite the pandemic, financial wellbeing remains the Cinderella of employee wellbeing.The Covid-19 (Coronavirus) pandemic is shining a spotlight on ...
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OpinionKarleen Dowden: Employers must prioritise the financial wellbeing of employees
In March, the Chartered Institute of Personnel and Development's (CIPD) Reward management survey called on employers to recognise both the moral and business case for taking more responsibility for their employees’ financial wellbeing.The estimated cost of low financial wellbeing each year as a result of absenteeism and presenteeism is £1.56 ...
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Case StudiesHays supports the financial wellbeing of staff through the pandemic and beyond
Specialist recruitment group Hays offers a range of financial wellbeing benefits to help support its workforce through the pandemic and beyond.Rosemary Lemon, group head of reward, says: “Financial worries are one of the biggest causes of stress and this can affect how we feel emotionally, our mental wellbeing, and our ...
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Supplier articleKey areas employees should understand if they are made redundant
Latest reports from The Office for National Statistics[1] have indicated that in February 2021, the number of payroll employees had fallen by 693,000 over a 12 month period. It also showed that for November 2020 to January 2021, the estimated UK unemployment rate was 5.0%, this is 1.1 percentage points ...
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ArticleDB pensions still misunderstood by members
New research released by Hymans Robertson and employee engagement organisation Like Minds on defined benefits (DB) pensions has revealed workers lack confidence about making informed decisions at retirement, with more wanting greater levels of employer support.The study – which specifically focused on DB pensions members over the age of 55 ...
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ArticleGender pay gap the same as in 2018
Initial analysis of gender pay gap reporting submissions has found that – so far – the mean wage disparity at companies in 2020 was the same as in 2018, indicating little overall improvement.The study was carried out by the Chartered Institute of Personnel and Development (CIPD), and examined all submissions ...
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ArticlePensions changes in the new tax year
A new tax year has begun and employers should make sure their payroll, and other HR systems, have been updated to meet their legal responsibilities with regard to pensions changes that have arisen.One of the key developments introduced yesterday (6 April) was the rise in national minimum wage (NMW) and ...
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ArticleTravis Perkins halves its gender pay gap
Travis Perkins, the trade and consumer hardware retailer, has revealed figures for 2020 which show it has halved its mean gender pay gap.According to its latest pay gap report, the organisation's mean wage difference was 4.8% in 2020, compared to 10% in 2019.The retailer's median hourly rate was even better, ...
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OpinionCharles Cotton: Employers are likely to take a targeted approach to pay post-Budget
The focus of this year’s Budget was on supporting lives and livelihoods. For instance, to help protect jobs, the furlough scheme was extended to September, while to support small to medium-sized enterprises (SMEs) invest more in IT and improve management capability, the Help to Grow initiative was launched.In terms of ...
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ArticleRoyal Mail workers set to receive share dividend
Tens of thousands of Royal Mail workers are set to receive a one-off 10p per share dividend after the delivery company announced adjusted operating profits rising to about £700 million in the year ending March 2021.The dividend – more than double what it was just two years ago and the ...
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ArticleDF Capital becomes living wage employer
DF Capital, the small and medium-sized enterprise (SME)-focused bank first founded in 2016, has become an accredited living wage employer.The move means the bank will now pay a salary to all its 85 staff that exceeds the minimum hourly rate of £9.50 for those aged over 25.Employees will be guaranteed ...
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ArticleKey workers' £1.6 billion living wage gap revealed
Significant numbers of the UK’s key workers have so far ‘lost’ £1.6 billion in earnings by not being paid a living wage, according to research compiled by the Living Wage Foundation (LWF).The analysis found that had these individuals been paid what the LWF recommends, they would have been £900 better ...
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ArticleSony to give bonuses worth seven months' salary
Sony is reportedly set to pay its Japanese staff their largest bonuses for more than two decades, as it prepares to announce end-of-year record profits.The electronics and gaming company is set to post year-end profits of around $10 billion (£7.2 billion), which have been significantly boosted by a surge in ...
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ArticleCMA releases ethnicity pay gap data
New data from the Competition and Markets Authority (CMA) has revealed it has a mean ethnicity pay gap of 29.3% and a median one of 34.8%.The findings were published in the organisation's first ever ethnicity pay gap report, which showed that of its 852 staff, 22% were from black, Asian ...
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ArticleWomen have up to 45% less in their pension pots than men at retirement
A new report by Barnett Waddingham has revealed a stark gender disparity in wealth at retirement, with women having between 25% and 45% less than men in their pension pots when they retire.The research, based on an analysis of some 35,000 members in seven defined contribution (DC) schemes, found that ...
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ArticleStudy finds mindset key to financial wellbeing
Pensions and investment company Aegon has today (29 March) published research which has analysed the link between financial wellbeing and people’s mindsets.The Financial wellbeing index placed an equal weighting on money factors such as income levels, budgeting skills and affordability of debt, alongside mindset factors such as peoples’ ability to ...
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ArticleSupreme Court rules Asda staff can pursue equal pay
Supermarket retailer Asda has lost its appeal to the Supreme Court, in which it argued staff working for one area of the business could not compare themselves to others for equal pay purposes.The long-running case centres on shop floor workers - mostly women - who said they should be paid ...
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ArticleDeliveroo riders paid less than the minimum wage
A joint investigation by The Bureau of Investigative Journalism, The Mirror newspaper and ITV has revealed large numbers of Deliveroo riders are paid below the national minimum wage (NMW).Analysis by the Bureau of more than 300 riders' invoices found that a third earned less than the NMW of £8.72 for ...
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ArticleGeneral Motors completes £53 million bulk annuity deal
The defined benefits (DB) liabilities of members of the General Motors VACPF (Vauxhall Associated Companies Pension Fund) have been insured by Aviva, it has been announced.The £53 million bulk annuity transaction means the DB liabilities of 1,392 members are now protected, removing the investment and longevity risk from the Fund.The ...
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ArticleVirgin Care introduces EWA incentive for staff
Photo credit: Virgin CareVirgin Care, the health and social care provider, has unveiled an Earned Wage Access (EWA) incentive for its 4,500 full-time workers.The collaboration with financial wellbeing platform Wagestream is designed to help employees deal with unexpected expenses and prevent financial strain.Under the scheme, individuals will be able to ...