All Financial wellbeing articles – Page 72
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ArticleBAM becomes living wage service provider
BAM Facilities Management, which is part of construction company BAM Construct UK, has become a Living Wage Foundation recognised service provider.BAM joins 163 companies already classed as recognised service providers, with the recognition meaning it is voluntarily paying its own employees a higher rate than the UK living wage. The ...
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ArticleFTSE 350 pension scheme deficits increase to £81 billion
The accounting deficit for defined benefit (DB) pension schemes at the UK’s top 350 FTSE organisations increased by £5 billion to £81 billion in May this year, up from £76 billion in April 2021.According to Mercer’s Pensions risk survey, which analysed pension scheme deficits calculated using the approach organisations have ...
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Article89% of employees prefer a flexible pay method
New research has revealed that nine in 10 employees prefer flexible pay, or Earned Wage Access (EWA), over alternative methods.The analysis was carried out by a group of financial charities, social impact research firm 60 Decibels, and charity-backed financial wellbeing service Wagestream. The study tracked the impact of employers removing ...
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ArticleSodexo UK and Ireland reveals 5% ethnicity pay gap
Life services organisation Sodexo UK and Ireland has announced a mean ethnicity pay gap of 5%.The gap between all white employees and all black, Asian and mixed race employees is 5%, 7% and 2% respectively.This is the first time the company has included ethnicity data in its pay gap report, ...
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ArticleFinal deadline extension for Employee Benefits Awards 2021
The deadline for the Employee Benefits Awards 2021 has been extended for the final time to 5pm on Tuesday 8 June, giving HR, reward and benefits professionals one very last chance to enter and win recognition for their achievements at the industry’s most prestigious event of the year.Now in its ...
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ArticleUK Food Standards Agency reveals negative gender pay gap
The UK government department Food Standards Agency (FSA) has announced a negative mean gender pay gap of -9.6% for 2020, with a mean gender bonus pay gap of -16.3%.According to the FSA, the mean gender pay gap is based on the difference in the average hourly pay for women compared ...
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ArticleEmployee benefits could ease the burden for Generation X carers
New data has suggested that offering statutory paid parental leave and flexible working could ease the burden for Generation X carers.According to the International Longevity Centre’s (ILC) Slipping between the cracks report which was supported by long-term savings and retirement business Phoenix Group, carers from Generation X - those born ...
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OpinionAmmer Malik: Employees' financial wellbeing should be a top priority
Balancing the wellbeing of employees with the devastating economic impacts of Covid-19 (Coronavirus) has been an unparalleled challenge for many employers over the last year. With Covid impacting the incomes of people across the country, both directly and indirectly, helping restore employees’ financial wellbeing should be at the top of ...
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Case StudiesBupa uses earned-wage access to support employees' financial wellbeing
At the end of 2019, just before the pandemic hit, Bupa rolled out earned-wage access - or flexible pay - to its 11,000 care home staff via Wagestream. The scheme has subsequently been extended to any employee within the UK and Ireland who wants to take it up as an ...
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AnalysisHow the changing shape of pay can support employees’ financial wellbeing
Need to know:The pandemic has spurred many employers to reassess not just what they can pay their employees but how pay can be delivered more flexibly, with growing interest in innovations such as affordable loans, salary advance and access to earned pay.There is recognition, however, this needs to be underpinned ...
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ArticleJohn Wyeth and Brother completes £190 million bulk annuity deal
The defined benefits (DB) liabilities of members of the John Wyeth and Brother's Wyeth Group Pension and Life Assurance Scheme (1997) have been insured by Aviva, it has been announced.The £190 million bulk annuity buy-in transaction means the DB pension liabilities for approximately 2,000 members of the scheme are protected, ...
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ArticleKavitha’s keynote: Employers must take heed of the gender pensions gap
Figures out this week showed that in the UK men have 38% more in their pension pot than women, with a 57% gap in favour of men found in Northern Ireland. But it’s not the first time research has highlighted such a huge disparity in gender pensions savings.Meawhile, other pensions ...
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ArticleUK gender pensions gap averages 38%
Research carried out by PensionBee has revealed that depending on age and location, the UK gender pensions gap is as high as 57%.The online pension provider found UK men have saved £24,236 towards their retirement compared to just £15,006 saved by UK women, which is a 38% gap in the ...
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Case StudiesThe benefits offered by Aster Group
The benefits on offer at Aster Group: Pension and financial wellbeingThe Social Housing Pension Scheme (SHPS) master trust, available for all employees with auto-enrolment contribution levels of 4% employee and 4% employer.Financial webinars.Pension one-to-ones, employer-paid.Retirement modeller.Healthcare and wellbeingHealth cash plans with Simply Health for all employees, employer-funded at level one, ...
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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 ...