News – Page 175
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ArticleFirefighters stage further strike over pensions proposals
Firefighters in England are taking further industrial action over pensions today (9 December) following the government’s decision to commence the Parliamentary procedure to implement regulations for a revised pension scheme. The 24-hour walkout began at 9am this morning.After nearly three years of negotiations, firefighters in England are being offered a ...
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ArticleLloyds Banking Group staff to receive back pay
More than 10,000 former and current Lloyds Banking Group employees are to receive hundreds of pounds in back pay after the bank denied employees a pay rise.Employees are being awarded the payments after a long-running dispute over contracts that staff were asked to sign following the merger of Lloyds TSB ...
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ArticleECJ rejects UK challenge to bankers' bonus cap
The European Court of Justice (ECJ) has rejected the UK’s challenge to EU legislation that caps the level of bankers’ bonuses.The cap restricts bonuses to 100% of banker’s pay or 200% with shareholder approval.The UK government had challenged the legislation, asking the ECJ to consider six arguments against both the ...
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ArticleSoil Association and Brook named living wage employers
The Soil Association and Brook have been accredited as living wage employers by the Living Wage Foundation as part of Living Wage Week.The living wage commitment will mean all employees in the two organisations will receive a minimum hourly wage of £7.85. This is higher than the national minimum wage ...
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Article71% of City workers expect a bonus this year
Almost three-quarters (71%) of City workers expect to receive a bonus this year, compared to 61% last year, according tp research by eFinancialCareers.Its Bonus expectations survey, which polled 587 professionals working in banking and finance in the UK, 978 in the U.S. and 696 in Singapore, also found that more ...
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ArticleAsos plans to change management incentive plan
Asos is planning to change the way it rewards top employees through its management incentive plan. The online fashion retailer’s current scheme, which awards bonuses to management based on its share price, is due to run until 2016.However, its share price has fallen by 63% over the last year making ...
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Article24% of employees are on low pay
There has been an increase in the number of people in low pay between the 1990s and 2010s, according to research by the Chartered Institute of Professional Development (CIPD).Its Pay progression: understanding the barriers for the lowest paid report, which categorises low pay as those paid below 20% above the ...
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ArticleFTSE 350 CEOs receive 12% rise in remuneration
FTSE 350 chief executive officers (CEOs) received a 12% increase in their remuneration last year due to the improving financial performance of FTSE 350 companies, according to research by EY.Its Future horizons report also found that chief financial officers received a 9% rise in their remuneration.The increases for both groups ...
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Article31% of UK employers give bonuses to lowest-performing staff
Approximately a third (31%) of UK employers give bonuses to employees with the lowest performance rating, according to research by Towers Watson. The 2014 Towers Watson Global workforce study, which surveyed 32,000 employees including 1,863 in the UK, found that employers are spreading the pay pot more thinly and evenly ...
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ArticleBazaarvoice extends global bonus plan
Bazaarvoice has extended its incentive programme to pay its entire workforce incentive compensation plans in multiple currencies.The consumer ratings and reviews network organisation launched the programme, provided by Xactly, when its manual compensation practices were not deemed to be at an acceptable level in terms of auditability and accuracy. Incentive ...
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ArticleAuto-enrolment hits pay rises
Although the economy continues to improve, pay increases look likely to remain low. In many organisations, funds that may previously have been earmarked for pay rises are being swallowed up to fund pension contributions post-auto-enrolment.Roger Sanders, managing director of Lighthouse Group Employee Benefits, said: “Money going into auto-enrolment, either 1% ...
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ArticlePoor employee performance behind non bonus payment
EXCLUSIVE: Nearly three-quarters (74%) of respondents did not offer any bonus payments as a result of poor individual perfomance in 2014, according to research by Aon Hewitt.Its European bonus and sales compensation survey 2014, which surveyed more than 110 organisations across 15 countries and outlines employers’ approaches to pay, found ...
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ArticlePWC partners receive largest pay rise since 2010
PricewaterhouseCooper’s (PWC) 854 partners have received their biggest salary increase since 2010.Partners at the professional services firm each received, on average, £722,000 in 2013/14, an increase in salary of £11,000 from 2012/13.The increase in pay has been attributed to the organisation’s performance, with the organisation reporting increased total profits for ...
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ArticleHMRC delays RTI penalties for small employers
HM Revenue and Customs (HMRC) has further delayed the date penalties will be given to small employers with automated pay-as-you-earn (PAYE) real-time information (RTI). Organisations with less than 50 employees will be exempt from RTI late filing penalties until March 2015.The date was initially set for April 2014, but was ...
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Article42% believe they are paid fairly
Less than half (42%) believe they are paid fairly, according to research by consultancy Towers Watson. Its latest Global Workforce Study, which surveyed 32,000 employees, also found that salary is the number one reason why employees may consider switching job.The research also found that 46% were anxious about their financial ...
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Article75% of FTSE 100 have changed remuneration arrangements
Three-quarters (75%) of FTSE 100 organisations have made changes to their remuneration arrangements in the past 12 months, according to research by Deloitte.Its annual survey on FTSE 100 directors’ remuneration found that employers are amending their arrangements as they respond to shareholder expectations and the government’s new rules on disclosure ...
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ArticleFTSE 100 execs paid 131 times more than staff
FTSE 100 executives are paid an average 131 times more than their employees, according to research by the High Pay Centre.The research, which compared FTSE 100 executive pay recorded by organisations in their annual reports, found that there has been a rise in executive pay levels compared to those of ...
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ArticleFTSE 100 executives receive cash in lieu of pension
FTSE 100 directors received cash payments worth 27% of their salary in lieu of pension membership in 2013, according to research by Incomes Data Services (IDS).The IDS Executive Compensation Review also found that directors of companies listed on the alternative investment market (AIM) received an annual cash payment in lieu ...
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Article53% offer a savings scheme through payroll
More than half (53%) of respondents offer a savings scheme to staff where deductions are made via payroll, according to research by the Chartered Institute of Payroll Professionals (CIPP).Its Policy research paper – saving through payroll, which surveyed employers as well as representatives from the payroll industry, found that 41% ...
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ArticlePAYE tax code changes could adversely impact employers
HM Revenue and Customs’ (HMRC) pay-as-you-earn (PAYE) tax code regulations could have an adverse impact on employers and employees, according to the Association of Taxation Technicians (ATT).The professional body has expressed its concerns in writing to HM Revenue and Customs (HMRC).It stated that HMRC’s proposal to relax the timeframe in ...