News – Page 179
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Lloyds Banking Group to reward staff on customer satisfaction
Lloyds Banking Group will base its variable pay to staff on customer feedback rather than product sales from 1 April 2013.The incentive scheme was first piloted by 70 of the bank’s 1,800 UK branches, including Lloyds TSB and Halifax branches.The other requirements of the scheme include:Employees must pass the organisation’s ...
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Clampdown on offshore payrolls
Budget 2013: The government will end the use of offshore employment companies in tax havens such as Jersey and Guernsey from April 2014.This confirmed an announcement made by the chief secretary to the Treasury, Danny Alexander about the use of offshore payrolls.A full consultation will be announced in May. Budget ...
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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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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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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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GlaxoSmithKline lowers exec bonuses by £1.781 million
GlaxoSmithKline (GSK) lowered annual bonuses for executive directors by £1.781 million in 2012.According to the pharmaceutical firm’s Annual Report 2012, the group’s executive directors received £2.131 million in annual bonuses for 2012, compared to £3.912 million in 2011.However, GSK’s remuneration committee decided to increase annual salaries for executive directors’ by ...
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Costain offers new HR and payroll system
Engineering organisation Costain has implemented an auto-enrolment and payroll services system.It will use Ceridian’s software-as-a-service (SAAS) suite of products to offer its 3,000 employees managed payroll, HR administration, workforce management, performance management and auto-enrolment modules, among others.Fiona Ware, HR director at Costain, said: “While a [software-as-a-service product] was identified from ...
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Volkswagen alters exec remuneration
Volkswagen has altered its bonus structure for its board of management.Under its variable remuneration framework, members of this board receive a bonus, which relates to business performance over the previous two years, and a long-term incentive plan (L-tip) relating to the previous four fiscal years.The car manufacturer’s supervisory board has ...
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DOD’s blog: this week in benefits
So, this week we’ve had more news about employers deferring bonus payments until after 6 April so that staff earning more than £150k a year can pay income tax at 45% instead of 50% as currently applies.Virgin Media defers bonus paymentsThe general population might squeal at the idea of ‘fatcats’ ...
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Small business unaware of RTI
Only 19% of respondents are aware of, and prepared for, the introduction of real-time information (RTI) reporting in April, according to research by Crunch Accounting.Its study of 503 people working in small businesses, found that 46% of respondents had no knowledge of RTI, while 35% were only vaguely aware of ...
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Employers' fears over providers' RTI readiness
More than half (52%) of employer respondents expect payroll providers to supply the support needed to be real time information (RTI) compliant, according to research by PricewaterhouseCoopers (PWC).Its survey of 197 HR and payroll professionals found that 99% of respondents will need some level of support to ensure they are ...
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Link exec pay to non-financial measures
British companies should link at least half of top executives’ performance-related pay to broad measures of success in order to avoid the risk of business decline, according to a report by the High Pay Centre.Its Paid to perform? report found that firms are failing to link important areas of non-financial ...
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Exec pay increases remain steady
Executive pay rises have started to align with levels for other employees, according to research by Towers Watson.Findings from its Executive pay pulse survey and 2012 UK top executive survey, which gathered data from 150 large listed companies at the end of 2012, found that base pay increases for executives ...
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Wolverhampton College given payroll accreditation
City of Wolverhampton College and Dataplan have been awarded the Chartered Institute of Payroll Professionals’ Payroll Quality Partnership (PQP) accreditation.The PQP recognises organisations that apply best practice in developing their payroll professionals.The CIPP has also re-accredited Carillion, Mouchel, Nottingham University Hospital NHS Trust, the University of Lincoln, West Midlands Fire ...
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Top Right Group appoints new online payroll provider
Top Right Group has switched providers for its online payroll and HR system.The new system, which will be provided by Ceridian, will include online payslips and P11D reporting for 1,200 employees in the UK, and international payroll for 300 overseas employees.Ceridian will also provide the events, information services and business-to-business ...
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Bonus expectations down in financial services
More than half (60%) of respondents said they expect to receive a bonus in 2012/13, down from 67% in 2011, according to research by Morgan McKinley.Its Bonus expectations survey, which was carried out in November 2012 among financial services professionals, found that respondents who do not expect a bonus believed ...
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National public sector pay to remain
Autumn Statement 2012: The government has accepted the recommendations of local pay bodies in the public sector that there should be no centrally determined local pay rates or zones.The Prison Service Pay Review Body and NHS Pay Review Body instead recommended making greater use of existing flexibilities when setting pay.In ...
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Schools to link pay to performance
Autumn Statement 2012: The government is to consult on proposals for schools to have the freedom to set pay in line with performance.This will be based on recommendations made in a report by the School Teachers’ Review Body. These are intended to create a pay framework that seeks to raise ...