All articles by Ian Silvera – Page 17
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BAE Systems freezes senior managers' pay
BAE Systems has frozen the annual pay of its senior managers.The organisation revealed in its Annual report 2012 that its chief executive, group finance director, president and chief executive officer of BAE Systems, Inc and other executives will have their salaries kept at 2012 levels. The report also disclosed that:Chief ...
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Greater Manchester Police introduces new payroll system
Greater Manchester Police has introduced a new payroll management system to help it comply with real-time information (RTI) legislation.The iTrent cloud service, provided by MidlandHR, has a single database, which will bring the organisation’s entire human resources operation, servicing more than 11,000 employees, onto a single platform.Declan McGrath, managing director ...
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Man Group caps executive bonuses
Hedge fund Man Group has introduced a cap on bonuses for its executive directors, restructured remuneration arrangements for executives and introduced a new sales compensation structure.Under the terms of its new executive incentive plan, which replaces all existing arrangements for executive director remuneration, annual cash bonuses for this group will ...
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AWD Chase de Vere launches auto-enrolment product
Independent financial adviser AWD Chase de Vere has launched an auto-enrolment product for small and medium-sized enterprises (SMEs).Its product, AE+, has been designed to meet SMEs’ requirements around auto-enrolment duties.AE+ enables employers to meet their own objectives from complying with the basic requirements of the legislation to structuring a full ...
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Santander boosts variable compensation
Santander awarded 19 employees more than £1 million in 2012 and increased its variable compensation pool.According to the bank’s Annual report 2012, Ana Botin, chief executive officer of Santander, received £3.957 million in performance-related and annual salary payments in 2012, down from £4.068 million in 2011.In 2012, Botin received a ...
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UBS reduces performance award pool
UBS has reduced its performance award pool to the lowest levels since the beginning of the financial crisis.According to the Swiss bank’s Annual report 2012, this was reduced to SFR2.5 billion (£1.75 billion) in 2012, down 7% from 2011, and a 43% decrease compared with 2010.Group chief executove officer Sergio ...
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Astellas employees donate 9,000 volunteering hours
Employees at Astellas Pharma Europe, the European Headquarters of Tokyo-based Astellas Pharma, have donated more than 9,000 employee volunteering hours, equivalent to 390 working days, to their local communities.The organisation enables employees to volunteer as part of its annual Changing Tomorrow Day programme, which has been running for three years. ...
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Microsoft expats learn about UK's cultural highlights
And now something for the weekend …Most employees find their own feet when they move abroad for work, but American expatriates at technology giant Microsoft have been given a guide to Great Britian to help them fit in.The employer handed out a 44-page manual of tips on adapting to life ...
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Tesco introduces bikes-for-work scheme
Tesco has launched a bikes-for-work scheme for its 300,000 employees.The retail giant hopes the scheme will encourage employees to change to commuting by bicycle.Employees can either purchase a bike from one of provider Cyclescheme’s network of independent bike shops, or via the Tesco Direct website. Those who do so via ...
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UK DB pension deficits fall
The aggregate deficit of private sector defined benefit (DB) pension schemes potentially eligible for entry to the Pension Protection Fund (PPF) decreased in February 2013, according to research by the PPF.The PPF 7800 index found that the aggregate deficit of 6,316 schemes decreased from £211.2 billion at the end of ...
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Cardiff University plans for auto-enrolment
Cardiff University will auto-enrol staff who are not currently pension scheme members into one of two existing pension schemes or the national employment savings trust (Nest) when it reaches its staging date on 1 April 2013.The majority of the university’s 6,000-strong workforce are already members of a pension scheme so ...
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Virgin Atlantic to freeze pay for staff
Virgin Atlantic is to freeze pay for thousands of staff this year.A statement from Virgin Atlantic attributed its decision to suspend salary increases to external challenges.It stated: “The UK airline industry has faced continued challenges over the past year – this is made worse by government imposed taxes on passengers ...
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Auto-enrolment legislation deemed unnecessarily complex
Auto-enrolment legislation is considered unnecessarily complex or difficult by HR, payroll and finance professionals, according to research by Ceridian.Its survey of more than 600 HR, payroll and finance professionals found that 76% considered auto-enrolment legislation to be either unnecessarily complex or difficult.Of these, 22% of respondents considered auto-enrolment legislation to ...
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HMRC wins legal battle against NAPF
HM Revenue and Customs (HMRC) has won a legal battle against the National Association of Pension Funds (NAPF) and Wheels Common Investment Fund (WCIF) over the payment of VAT by defined benefit (DB) schemes.The Court of Justice of European Union (CJEU) ruled that the DB schemes are not special investment ...
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Bombardier Transportation appoints Mercer
Rail engineer Bombardier Transportation has appointed Mercer to provide pension scheme actuarial services to the trustees of its three defined benefit (DB) plans across seven schemes, with combined assets of around £1 billion in the UK.The organisation has more than 26,000 employees across Europe and has yearly revenues of $6.275 ...
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British workers experienced sharpest wage fall in developed world
Employees in the UK have experienced a bigger fall in real wages than any other workforce in the world’s top ten developed economies, according to research by trade union Trades Union Congress (TUC).Its Global race report found that real wages fell by 4.5% in the UK between 2007 and 2011, ...
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Virtual windscreen ends work woes
Something for the weekend …Field-based employees or those who travel frequently on business may well be used to making do with whatever facilities they can find to conduct business while on the road or between meetings. But this could be set to change thanks to new interactive windscreen technology, which ...
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John Lewis staff share £210.8m in profit
Employees at John Lewis and Waitrose will share £210.8 million in profit.Each of the John Lewis Partnership’s 84,000 employees will receive the same percentage of annual pay as a cash bonus. This represent 17% of each employee’s annual salary, equivalent to nearly nine weeks’ pay.According to the retailer’s results for ...
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Wolseley to close DB pension scheme
Wolseley is consulting with staff about proposals to close its defined benefit (DB) pension scheme to future accrual on 31 December 2013.Under the terms of the plumbing organisation’s proposals, the pension benefits staff have already built up within the scheme will be protected and there will be no changes to ...
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Admiral Group awards shares for performance
Admiral Group is rewarding its 6,500 employees with shares worth £3,000 each following strong end-of-year results.According to its Preliminary Results 2012, staff were awarded £1,500-worth of shares on 3 September 2012 based on the organisation’s performance in the first half of 2012. Employees will receive a further £1,500-worth of shares ...