All articles by Jennifer Paterson – Page 81
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Goldman Sachs’ pay and benefits spend up 6%
Goldman Sachs’ 2012 spend on compensation and benefits for its 32,400 global employees is 6% higher than in 2011.The investment bank’s 2012 Annual and fourth quarter results found that its compensation and benefits expenses, including salaries, discretionary compensation, equity awards and benefits, stood at $12.94 billion (£8.1 billion) in 2012, ...
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Fire Brigade raises money through bikes for work
London Fire Brigade has raised £6,400 for The Fire Fighters Charity through its bikes-for-work scheme.Its provider Cycle Solutions made a donation to the charity based on the number of bikes ordered. Since the scheme was launched in July 2012, 900 bikes have been ordered.The scheme will be re-launched in February ...
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Police recruits face pay cut
Police reforms set forth by home secretary Theresa May will see pay for police recruits reduced from £22,000 to £19,000.The reforms are part of the government’s response to the Police Arbitration Tribunal’s findings on the recommendations in Tom Winsor’s Independent review of police officer and staff remuneration and conditions.May submitted ...
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Private sector staff believe pay should reflect performance
Just one in three public sector respondents think their salary should reflect their individual performance, compared to more than half of private sector respondents, according to research by the Chartered Institute of Personnel and Development (CIPD).Its annual research, Employee attitudes to pay, which surveyed more than 3,000 employees, found that, ...
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Gove confirms performance-related pay for teachers
Education minister Michael Gove has confirmed the implementation of performance-related pay (PRP) for teachers.This follows recommendations from the School Teachers’ Review Body (STRB), which were published in February 2012 and called on the government to link teachers’ pay more closely to their performance.In May 2012, Gove submitted evidence to the ...
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Ambulance Service to pay one-off bonus
London Ambulance Services is offering a one-off bonus of £250 to control-room staff to encourage them to manage lower priority calls more appropriately by directing callers to a different service, such as a GP or NHS Direct.In 2012, more than 200,000 of the 1.6 million calls received by the service ...
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Providers agree to disclose pension charges
The Association of British Insurers (ABI) has announced an agreement to ensure the consistent and straightforward disclosure of pension charges and costs to employees in workplace pension schemes.The agreement will be implemented by the summer of 2014 for schemes that arenewly established for auto-enrolment, and for all older workplace pension ...
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MPs believe salaries should be higher
Two-thirds (69%) of MPs questioned think they are underpaid, according to a report by the Independent Parliamentary Standards Authority (IPSA).Its report, Reviewing MPs’ pay and pensions, is the result of the first public consultation on MPs’ pay and pensions.The report also confirmed that MPs’ pay will increase by 1% in ...
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Low pay raises risk of hypertension
Employees earning the lowest wages have a higher risk of hypertension than workers with the highest wages, according to research by the University of California, Davis (UC Davis).The research, Are low wages risk factors for hypertension, found that the correlation between wages and hypertension was especially strong among women and ...
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RPI proposals good for pensions
The Office of National Statistics (ONS) has recommended that a new index be published, after it concluded that the formula used to produce the retail prices index (RPI) does not meet international standards.A new RPI-based index will be published from March 2013 using a geometric formulation (Jevons), known as RPIJ.A ...
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Denplan to launch discount network
Denplan is to launch a discount network, designed to allow employers to offer staff access to dental treatment at discounted rates.The network will enable employers to promote dentists that are close to their place of work.The dental provider has offered its 6,500 member dentists the opportunity to join the network, ...
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Wicker Pharmacy adopts employee ownership
Associated Chemists (Wicker), better known as Wicker Pharmacy, has adopted an employee ownership model.The Sheffield-based pharmacy has created the Wicker Employee Trust, which has acquired a 10% shareholding to be held on behalf of all employees. Almost 70% of the shares are now owned by, or on behalf, of employees ...
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Benefits cap rise limited to 1%
MPs have voted in favour of plans to limit annual increases in working-age benefits to 1% until 2015.The benefits subject to the cap from April 2013 include sick pay, maternity pay, paternity pay and adoption pay.The cap was proposed by Chancellor George Osborne in the Autumn Statement on 5 December ...
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Aviva to sell Delta Lloyd
Aviva has announced its intention to sell the remainder of its shareholding in financial services provider Delta Lloyd.The offering is expected to comprise up to 34,288,795 shares in the life insurance and pension provider, which operates in the Netherlands and Belgium. This number of shares is equivalent to 18.2% of ...
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Action needed to boost payroll giving
Only 3% of UK employees donated to charity through payroll in 2011/12, according to research by the Charities Aid Foundation (CAF).The research, The journey so far … insights into 25 years of payroll giving, found that £118 million was donated via payroll by 735,000 employees.It also found that only 1.9% ...
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Half of Belfry staff take up voluntary benefits
The Belfry has seen 50% take-up of its voluntary benefits scheme since it was launched at the end of November 2012.The hotel resort’s online portal, called Belfry Rewards, includes more than 8,000 offers, such as employee discounts, a health cash plan and childcare vouchers.Jenny East, HR adviser at The Belfry, ...
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Interview with Carol Young, pensions manager at Heineken UK
She started her career as a management consultant at the now-defunct accountancy firm before moving into its investment practice. She says: “I loved the consulting side, but I decided I wanted to specialise and, in particular, to use my maths background a bit more.”In 2000, Young joined Mercer’s investment consulting ...
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Employers shift launch dates for auto-enrolment
The Co-operative Group’s auto-enrolment staging date was 1 November 2012, but it built in the legal three-month postponement period so the first pension contributions come out of employees’ pay in February 2013.Paul Macro, head of defined contribution (DC) at Mercer, said this was a common approach for many retailers because ...
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Employee Benefits Awards final deadline is this week
All the information you need to enter, plus the category details and entry forms, can be found on the Employee Benefits Awards’ website.This year’s awards feature several new categories, designed to recognise employers that are leading the way on key benefits issues.Have you taken steps to offer a default investment ...
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Confusion over charges for pension advice
It came just weeks before the retail distribution review (RDR), which scraps commission on many financial products, came into effect on 31 December.On 26 November, pensions minister Steve Webb wrote to Otto Thoresen, chair of the Association of British Insurers (ABI), saying his department was to carry out a policy ...