All articles by Ian Silvera – Page 16
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Group risk premiums up by 9.7% in 2012
Total paid group risk premiums in the UK rose by 9.7% in 2012, according to research by reinsurance provider Swiss Re Group.The organisation’s Group watch 2013 report, which surveyed 43 organisations, revealed that there were some increases in rates, as well as in the overall numbers of lives and schemes ...
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1 office romance, 12 pay rises, 125 sick days
And now something for the weekend…The average adult’s professional life consists of six jobs, 12 pay rises and one office romance, according to research by healthcare provider Benenden Health.The Working life survey also revealed that the average person will experience 125 sick days, turn up late for work 188 times ...
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St Andrew’s Healthcare pilots RTI
St Andrew’s Healthcare has completed a real-time information (RTI) reporting pilot ahead of the legislation coming into effect on 6 April 2013.From this date, all employers will be legally required to report pay-as-you-earn (PAYE) in real time.The mental healthcare charity was invited by HM Revenue and Customs to participate in ...
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New pension partner for housing group
The National Housing Federation has appointed accountancy firm KPMG as its pensions partner.The partnership will allow the federation to offer its members guidance and assistance on pension issues, such as the introduction of auto-enrolment, pensions tax changes, and the latest valuations of the Local Government Pension Scheme and Social Housing ...
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Government consults on auto-enrolment
The Department for Work and Pensions (DWP) has launched a consultation for proposals to improve the automatic-enrolment process.It is seeking detailed feedback on its proposals from employers and pension and payroll providers from 25 March 2013 to 7 May 2013.The proposals include:Streamlining the process for assessing who is eligible for ...
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Employers pay record amounts into DB pension schemes
Employers paid record amounts into defined benefit (DB) pension schemes in 2012, according to research by the Office for National Statistics (ONS).An analysis of the ONS’ Annual survey of hours and earnings, by consultancy Towers Watson, revealed that:Total employer contributions to self-administered pension funds rose from £39 billion in 2011 ...
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ITV awards 2.75% pay increase for staff
ITV has agreed to a 2.75% increase for all employees earning £60,000 and below for 2013.Any increase for staff earning above £60,000 will be linked to their performance rating for 2012.The broadcaster also awarded its chief executive, Adam Crozier, with a £3.8 million remuneration package comprising base salary and share ...
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European Parliament votes to cap fund managers' bonuses
A group in the European Parliament has voted to cap bonus payments to investment fund managers.The Economic and Monetary Affairs Committee (EMAC) ruled that the employees’ salaries must be linked to their funds’ performance. The draft law states that the variable component of a fund manager’s total salary should not ...
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European Court rules out VAT exemption for DB plans
The landmark ruling upheld HM Revenue and Customs’ (HMRC) case in a legal battle with the National Association of Pension Funds (NAPF) and Wheels Common Investment Fund (WCIF).The CJEU ruled that DB schemes are not special investment funds and so are not exempt from VAT on investment management services.Jack Wheeler, ...
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Some employees not ready for RTI deadline
But not all employers have yet made the changes needed for compliance. Ellie Gamble, associate director at Grant Thornton, said: “The preparedness of employers is widely variable.“Some have been in the pilot since day one and are saying that, after a bumpy start, they are prepared for their UK populations ...
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Employee Benefits Connect: Employers must consider different generations' needs
She said employers should determine what kind of benefits tomorrow’s workers would want and how they could tailor reward systems to an ageing population.Four groups of employees, veterans (born before 1945), baby boomers (born after 1945), generation X (now in their 30s) and generation Y (now in their 20s), all ...
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Employee Benefits Connect: Esop chief criticises share scheme stance
Speaking at Employee Benefits Connect, Poole said he was worried that all the government departments involved in the employee share ownership agenda would head in different directions.“If the communication between those departments isn’t up to scratch, you risk everyone tripping over each other and nothing being achieved,” he said.Poole (pictured) ...
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European politicians vote on bankers' bonus caps
The cap will limit bankers’ bonuses to one-time salary, or two-times salary if a majority of shareholders agree. There will be some leeway for long-term incentives, although the details of this are still to be agreed by the European Banking Authority.The preliminary agreement will be put to a vote on ...
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Working parents' rights extended
The change was made under the revised Parental Leave (EU Directive) Regulations 2013, which were originally due to come into effect in March 2012.Paul Griffin, head of the employment division at Norton Rose, said: “It is difficult for employers to arrange cover if parental leave is split into different chunks.The ...
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Jedi training to boost fitness levels
Something for the weekend… A new force has been unleashed on the healthcare and wellbeing world.A martial arts instructor in the United States has created Jedi warrior combat exercise classes.Alain Bloch, of San Francisco Bay Area group the Golden Gate Knights, is hoping that everyone picks up a lightsabre and ...
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Final agreement on bankers' bonus cap
The European Parliament and European Commission have agreed to cap bankers’ bonuses.The move is intended to curb the banks’ bonus-driven culture and to prevent the risk-taking that led to the 2008 financial crisis.The new legislation will come into effect from January 2014 and will apply to bonuses paid in 2015.The ...
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Employee ownership scheme blocked
The government’s employee ownership scheme has been blocked in the House of Lords.The scheme, which was announced by Chancellor George Osborne in October 2012, would allow employees to give up some employment rights in return for shares in their employer. It was defeated by 232 votes to 178.The scheme was ...
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Lloyds Banking Group to reward staff on customer satisfaction
Lloyds Banking Group will base its variable pay to staff on customer feedback rather than product sales from 1 April 2013.The incentive scheme was first piloted by 70 of the bank’s 1,800 UK branches, including Lloyds TSB and Halifax branches.The other requirements of the scheme include:Employees must pass the organisation’s ...
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Tax exemption for travel season ticket loans doubles
Budget 2013: The threshold for tax exemption on employment-related ‘taxable cheap’, low-cost or interest-free loans, such as travel season ticket loans, will double.Chancellor George Osbourne revealed in his 2013 Budget speech that the current threshold of £5,000 will increase to £10,000 for the 2014-15 tax year. As long as the ...
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£2,000 national insurance allowance for employers
Budget 2013: The government has announced that all employers will get the first £2,000 taken off their national insurance contribution (NIC) bill.George Osborne said that the reform, aimed at small organisations, will come into effect from April 2014. The Chancellor has labelled the policy the employment allowance. He gave the ...