All Financial wellbeing articles – Page 90
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ArticlePay growth rate of 0.9% in last quarter was highest since December 2016
Regular pay in real terms, namely adjusted for inflation, increased by 0.9% between July to September 2017 and July to September 2018, according to the UK labour market report from the Office for National Statistics (ONS). This represents the highest pay growth rate since October to December 2016.Matt Hughes, senior ...
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ArticleEAT upholds decision that Addison Lee drivers are not self-employed
Taxi organisation Addison Lee has lost an appeal against an Employee Tribunal (ET) ruling, which stated its drivers are not self-employed contractors running their own businesses.The Employment Appeal Tribunal (EAT) confirmed that the true nature of the relationship is that the drivers work for the organisation, upholding the decision reached ...
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Case StudiesNationwide uses matching contributions to encourage employees to save more
Nationwide Building Society's 18,000 employees benefit from generous minimum pension contributions; they save 4% of their salary into their pension pot, while their employer adds a further 13%.To encourage positive spending habits even further, however, the organisation also offers to match employees’ contributions if they save over and above this ...
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AnalysisHow can behavioural psychology tailor workplace savings messages to staff?
Need to know:A behavioural psychology approach to workplace savings communications can help employees develop positive savings habits.The language used in communications should target different motivators to ensure that the underlying message resonates with as many employees as possible.Employees sharing personal experiences can help to motivate behaviour change, but employers must ...
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OpinionSteven Doyle: How to use behavioural psychology to tailor a benefits approach
Behavioural psychology was first popularised in 2008, with the publication of the bestselling book Nudge: Improving decisions about health, wealth and happiness, written by University of Chicago economist Richard Thaler and Harvard Law School Professor Cass Sunsteinand. Since then, there has been a growth in the application of ‘nudge theory’, ...
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ArticleTimpson to be first employer to trial 'sidecar savings' auto-enrolment model
Shoe repair organisation Timpson will be the first employer to trial a new 'sidecar savings' model for auto-enrolment, launched by Nest Insight.In a sidecar structure, contributions over and above the auto-enrolment minimum are managed through a mechanism designed to create an optimal level of liquid savings, while also maximising long-term ...
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ArticleLeigh Day lodges first batch of claims on behalf of Morrisons store workers
The first batch of equal pay claims against supermarket chain Morrisons has been lodged with the Employment Tribunal by legal organisation Leigh Day.The law firm is seeking compensation for store workers, who are predominantly female, and who claim that they are paid less for work of equal value to ...
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Supplier articleWhy employers should help employees with their savings
Many people aren’t sure where to turn for financial advice, and that’s where their employers come in. In the UK people are becoming increasingly frustrated with low savings interest rates. Furthermore, people are struggling to get on the property ladder, in large part due to increasing house prices, but in ...
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ArticleEmployers report pay increase expectations of just 2% for the year ahead
According to the autumn 2018 Labour market outlook report by the CIPD and the Adecco Group, employers report median basic pay increase expectations of just 2% for the period up to September 2019.The report, for which YouGov polled 1,002 HR professionals in September 2018, found that almost half (48%) of ...
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ArticleComputershare acquires employee share plan administrator Equatex
Employee share plan provider Computershare has completed the acquisition of Zurich-based Equatex from Montagu Private Equity, following regulatory approval.Equatex, which has over 220 employees, provides a range of employee share plan administration services for more than 160 clients, administering around $40 billion (£31.1 billion) in assets.The organisation manages deferred equity ...
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Case StudiesEquifax develops wellbeing approach to enhance employment proposition
Global credit reference agency Equifax launched an online financial education programme in June 2018 to kick start an overall wellbeing strategy for its 800 UK employees.This strategy was designed, in part, to help address the current business challenges Equifax is facing; namely, the attraction and retention of talent in an ...
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Case StudiesThe benefits offered by Equifax
The benefits offered by Equifax:Pension and group riskDefined contribution, salary sacrifice pension scheme for all employees. From April 2019, those contributing 3% into their pension direct from salary will receive a 5% contribution from Equifax; if employees contribute 4%, Equifax will contribute 6% and if they contribute 5%, it will ...
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ArticleScottish council workers reject offer of 3% pay increase by COSLA
Scottish council workers have rejected the offer of a 3% pay rise for those earning less than £80,000 a year.Members of the Unison, Unite and GMB unions have all turned down the deal from the Convention of Scottish Local Authorities (COSLA).A Unison consultative ballot saw 79% of those taking part ...
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ArticleOxford City Council announces living wage rise to £10.02 an hour
Oxford City Council has announced that the Oxford hourly living wage will rise from £9.69 to £10.02 in April 2019.The Oxford living wage is the minimum rate paid by the council to its workers, including agency staff. Any contractors who have contracts worth more than £100,000 are also expected to ...
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ArticleZurich launches new employee benefits and portal for 5,000 UK staff
Insurance organisation Zurich has updated its employee benefits offering for 5,000 UK employees, as well as launched an employee benefits portal to better support the organisation’s agile working culture and multigenerational workforce.The new portal, called Indigo, was introduced on 7 November 2018 for the organisation’s UK-based staff. Provided by Thomsons ...
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ArticleMoneysupermarket Group signs up to voluntary living wage
Image credit: Jefferson SmithPrice comparison organisation Moneysupermarket Group has been accredited by the Living Wage Foundation for paying all colleagues and regular contracted staff at or above the voluntary living wage.New rates for the voluntary living wage were announced on 5 November, set at £9.00 an hour for employees working ...
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ArticlePoll: Half do not believe Morrisons should be held liable for data breach
Employee Benefits poll: Half (50%) of respondents think that Morrisons should not be held partly liable for the data breach of its employees' payroll information.Last month the supermarket chain lost a challenge to a High Court ruling in December 2017 that found it vicariously liable for a data breach leading ...
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ArticleUS Department of Labor sues Mosluoglu Inc over wage violations
The US Department of Labor has filed a lawsuit against Mosluoglu Inc, the operator of the Empire Diner and Restaurant in Lansdowne, Pennsylvania, over violations of the federal minimum wage, overtime and record-keeping provisions of the Fair Labor Standards Act (FLSA).The legal action against the employer and its principals follows ...
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ArticleFinancial problems affect mental wellbeing of 55% of SME senior managers
Financial problems have had a negative impact on the mental wellbeing of over half (55%) of senior managers in small to medium enterprises (SMEs), according to research on behalf of merchant banking organisation Close Brothers Invoice Finance.A GMI survey of 900 SME owners and business managers across the UK and ...
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VideoSpotlight on Wealth at Work: Why is it important to have a financial wellbeing strategy in place?
In this six minute video, Jonathan Watts-Lay, director of Wealth at Work, discusses financial wellbeing strategies and their implementation. His interview with Kavitha Sivasubramaniam, editor of Employee Benefits, covers the following topics:Why is it important for organisations to have a financial wellbeing strategy in place?Why is it important to consider ...