All articles by Jennifer Paterson – Page 187
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Budget 2010: Government to consult on default retirement age
As part of his 2010 Budget, Chancellor Alistair Darling has announced the government intends to launch a formal consultation on reforms to the default retirement age.This includes considering options for: removing it, increasing it and reforming the legislative framework to strengthen the position of the employee.Carol Dempsey, reward partner at ...
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Budget 2010: Reforms to public sector pensions and pay
The 2010 Budget included measures to reform public sector pensions and control public sector pay, including confirmation of a 1% cap on basic pay uplifts for 2011-12 and 2012-13.Chancellor Alastair Darling said: “There will be reductions in the pay bill for senior civil servants. Overall, we intend that public pay ...
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Government launches employee engagement guidance
The Department for Business, Innovation and Skills (BIS) has introduced new guidance for effective employee engagement.The guidance was developed with input from a range of business leaders, employers and employee engagement practitioners. It follows the July 2009 publication of the independent report to government last year, Engaging for Success, which ...
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Staffcare introduces new benefits portal
Staffcare has launched a new benefits portal, called flexeasy, for communicating and administering core and flexible benefits for businesses of all sizes.Through the portal a selection of more than 20 benefits are available from three different providers, which employers can pick and choose from.A typical flex project takes anywhere between ...
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Cyclescheme bought by Grass Roots Group
Cyclescheme. the administrators of tax-efficient cycle-to-work programmes, has been purchased by the Grass Roots Group.The agreement, which was concluded on 18 March, will in no way affect Cycleschemes current network of cycle-to-work plans and arrangements. However, all of the Grass Roots Group’s proposed schemes will now go through the Cyclescheme ...
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Hewitt New Bridge Street research: recession’s impact on executive remuneration
Eighty percent of FTSE SmallCap companies responded to the economic downturn by freezing executive pay and reducing bonuses, concludes a series of reports on executive reward published by Hewitt New Bridge Street.The report collates data published by companies in the FTSE SmallCap index, which comprises more than 250 businesses outside ...
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A quarter of employers fail to communicate sickness provision
One in four employers (25%) do not communicate sickness provision to staff, according to new research from industry body Group Risk Development (GRiD).The research, which polled 500 UK employers, found that a significant number keep important details of their benefits package under wraps from staff.Additional findings included: 8% have a ...
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Axa research shows disparity between public and private pensions
New research from Axa found that six in 10 people believe it is unfair that public sector employees generally receive better pensions than their private sector counterparts.The research also highlighted that 44% of public sector workers agree.Findings show that a 25-year-old woman working in the private sector would have to ...
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Kharafi National introduces employee savings scheme
Kharafi National, an infrastructure project developer based in the Middle East, is offering RBC Corporate Employee & Executive Services’ (RBC Cees) employee savings programme to approximately 4,000 qualifying employees.The scheme provides savings and pension benefits, enabling employees to gain international investment options while Kharafi National contributes a matching level.Simon Stirzaker, ...
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Research finds reward is growing as a wider company strategy
Reward was found to represent 70% of a company’s total costs, making it a top management issue rather than merely the sole responsibility of compensation and benefits experts, according to new research from the HayGroup, The Changing Face of Reward.The global reward research was conducted through the survey of HR ...
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Aviva launches health risk assessment programme
Aviva UK Health has launched a new health risk assessment programme called MyHealthCounts for BusinessThe programme, which is designed to help organisations with 250 or more employees to control sickness absence costs, offers health and leisure discounts, reports and insights to help identify key health risks, and HealthPoints which can ...
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AMII and CII to launch new health insurance exam
The Association of Medical Insurance Intermediaries (AMII) and Chartered Insurance Institute (CII) will launch a new health insurance examination for brokers and advisors in April.The exam syllabus will cover seven key areas including: structure of the UK healthcare insurance market, product types and applying risk assessment, rating and underwriting considerations, ...
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British Airways proposes increased employee pension contributions
British Airways (BA) employees will have to pay an extra £37m a year into their defined benefit (DB) pension funds under new proposals agreed between BA and its three unions.Existing BA employees will have to contribute a further 4.5% of their pay in order to keep their benefits at the ...
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Investors in People launches health and wellbeing award
Claridge's, Kimberley-Clark and NHS Suffolk are among the first employers to be awarded Investors in People's Health and Wellbeing Good Practice Award.In total, seven employers received the award, which was launched on 11 March and recognises employers that have strengthened their organisations by investing in the health and wellbeing of ...
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Nestlé UK proposes changes to defined benefit pension
Nestle UK has proposed to change its defined benefit (DB) pension scheme from a final salary to a career average arrangement.The company has entered into a formal consultation period with employees about its proposed changes, which will run until 17 May.Paul Grimwood, Nestle UK’s chief executive and chairman, said: “Pensions ...
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Marks and Spencer brings bonus payments forward
Marks and Spencer is to accelerate the cash bonus payment for its 78,000 staff, moving it forward to the first week of April rather than July.The retailer’s move will ensure the bonuses are paid before the tax rate on personal income over £150,000 rises to 50% on 6 April.A spokesperson ...
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Kwik Fit Financial Services awards employee of the year £10,000 prize
Kwik Fit Financial Services has held its annual staff awards ceremony, at which 38 employees were rewarded for their work over the last year.Maureen Paterson, executive service consultant at Kwik Fit Financial Services, was honoured with a £10,000 prize as the insurance intermediary’s Employee of the Year.The award ceremony, which ...
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Government Actuarial Department switches valuation software provider
The Government Actuary Department (GAD) has switched to Xafinity Claybrook’s actuarial valuation software SuperVal, replacing its previous provider InQa.The new software was selected for its functionality, quality of support and plans for future software developmentKen Kneller, chief actuary at the GAD, said: “After a rigorous selection process, we chose SuperVal ...
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Savills pays out bumper bonuses
Savills is preparing to pay approximately £60m in bonuses this year, more than double its expected profits.The bonuses, or 'discretionary profit share' as Savills prefers to call them, will be handed out to 20,000 staff worldwide. Savills refused to comment on the size of this year’s bonus pot.The estate agent ...
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Sainsbury bonuses beat increased tax rates
More than 1,200 of Sainsbury’s highest earners will see their bonus payments brought forward by three months. This means that the bonuses will be paid before the introduction of an increase to the income tax rate for high earners.The increased income tax rate, which comes into effect on 6 April, ...