News – Page 171
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ArticlePublic sector pay rises capped at 1%
Summer Budget 2015: Pay rises in the public sector are to be capped at 1% for a further four years, Chancellor George Osborne announced during the Summer Budget today (8 July).This cap will begin in 2016-2017. The measure is expected to save around £5 billion by 2019-20. Osborne (pictured) said: ...
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ArticleIkea to raise minimum hourly salaries to almost $12 in the US
Ikea will increase its minimum hourly wage for its US employees to $11.87, which is $4.62 above the US national minimum wage of $7.25 per hour.From 1 January 2016, the average minimum hourly wage paid to staff will rise from $10.76 to $11.87, a $1.11, representing a 10.3% increase.The initiative ...
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ArticleCope moves to Konica Minolta Business Solutions
Michael Cope has become compensation and benefits manager at Konica Minolta Business Solutions.Cope previously held the position of interim reward manager at Shop Direct, Morrisons, Ericsson and Severn Trent Water, as well as regional reward manager (Europe) at Cristal Global and reward manager at Carillion and St Ives.
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ArticleBackdated limit on holiday pay claims takes effect
Employees bringing pay claims at employment tribunals from today (1 July) onwards will only be able to claim for unpaid wages for up to two years.The change to unlawful pay reductions was introduced in January to address concerns that rulings in recent holiday pay cases could lead to a high ...
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ArticleCourt rules on voluntary overtime in holiday pay
A tribunal in Northern Ireland rejected a council engineer’s claim of unlawful deductions from wages, and concluded that voluntary overtime should not be included in holiday pay.In the case of Patterson v Castlereagh Borough Council, Mr Patterson brought the claim forward on the basis that the calculation of his holiday ...
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ArticleNetwork Rail agrees 2% pay deal with unions
Network Rail has agreed a 2% pay increase deal with unions Unite, the Transport Salaried Staffs’ Association (TSSA) and the National Union of Rail, Maritime and Transport Workers (RMT).The agreement also includes a pay rise in line with retail prices index inflation next year, as well as an assurance there ...
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ArticleFlexibility is key benefit to attract talent
Flexible benefits are the most valued type of benefit for talent, according to research by social media platform LinkedIn.Its Winning talent research, which surveyed 1,001 of British workers in full-time employment, also found that 36% of respondents said flexible-working arrangements would persuade them to take a job with an employer, ...
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ArticleNew remuneration rules in banking sector
The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have announced new remuneration rules for the banking sector, including changes to deferral and clawback of variable remuneration such as bonuses.The measures have been introduced to further align risk and individual reward in the banking sector, as well as discourage ...
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ArticleITV tables improved 2016 pay deal
ITV has tabled an improved pay offer for 2016 after its employees took strike action in May. The broadcaster has offered staff pay increases above the 2% pay rise for 2015, which took effect from January.That pay deal will remain unchanged but the organisation is also making contractual improvements including ...
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ArticleNorwich City Football Club to pay living wage
Norwich City Football Club (FC) has committed to pay the living wage to all of its permanent employees.The club will phase in the national living wage of £7.85 during the 2015-2016 season.The national living wage is an hourly rate set independently, updated annually and paid by employers on a voluntarily ...
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ArticleReal wage growth highest in seven years
Real wages have grown faster than at any point in the last seven years, according to the latest Office for National Statistic (ONS) figures. Its UK Labour market 2015, June report found that regular pay for employees increased by 2.7% between February – April 2014 and February – April 2015, ...
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ArticlePay reaches £100,000 for over 400 TFL staff
The number of employees working for Transport for London (TFL) earning a total remuneration package over £100,000 has reached more than 400 for the first time. This represents an increase of some 87 employees at the organisation, rising from 326 in 2013/14 to 413 in 2014/15.There was also an increase ...
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ArticleSports Direct staff to share bonus worth £34 million
Sports Direct employees are to share five million shares worth around £34 million in September this year. More than 3,000 of the retail giant’s 28,500 employees will benefit from the organisation’s performance targets being met since 2011.The shares will potentially be equivalent to £11,400 each under the bonus scheme.Sports Direct ...
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ArticleGoldman Sachs pays largest directors' bonuses
Goldman Sachs, Morgan Stanley and Bank of America Merrill Lynch paid the largest bonuses to directors in 2015, according to research by salary benchmarking site Emolument.com. Its analysis of 2015 salary data from 189 front office directors working in London investment banks, found that Goldman Sachs paid its directors an ...
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ArticleScottish government pledges to improve productivity through living wage
The Scottish government has launched a voluntary code of conduct aimed at encouraging employers to improve employee productivity and diversity through measures such as paying the national living wage.Its Scottish Business Pledge, which comprises nine components and will be launched today (26 May) is aimed at encouraging employers to commit ...
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ArticleMercer acquires executive reward firm Kepler Associates
Mercer has acquired UK-based executive remuneration specialist organisation, Kepler Associates. Kepler, which has more than 20 employees, advises around 16% of FTSE 350 remuneration committees, as well as a growing number of firms overseas.The acquisition is aimed at strengthening Mercer’s capabilities in executive reward.Kepler’s founder, Gordon Clark will become UK ...
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ArticleTesco introduces bonus clawback measures
Tesco has introduced new measures to allow it to claw back annual bonuses and performance share plan awards.The provisions, announced in the retailer’s Annual reports and financial statements 2015, will allow Tesco to do so in the event that its financial results are mis-stated or the participant has contributed to ...
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ArticleNational Rail strike suspended following new pay offer
The National Rail strike planned to begin on Monday 25 May has been suspended after employees accepted a revised pay offer.Staff were originally offered a £500 lump sum and three years of pay rises in line with inflation. This has now been revised.Union bosses had also raised concerns that railway ...
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ArticleCrown Estate becomes first property firm to be living wage accredited
The Crown Estate, which runs property and land owned by the Queen, is the first national property business to make a commitment to pay all its staff the living wage.All its employees, regardless of whether they are permanent employees or contractors, receive a minimum hourly wage of £9.15 per hour ...
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Next ends Sunday bonus payment
Next is removing the premium payment scheme for its employees who work on Sundays.The fashion and homeware retailer, which employs 52,000 workers, paid staff who joined the organisation before November 2001 1.5 times their regular hourly rate for working on a Sunday, while staff who joined between November 2001 and ...