News – Page 25
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Osborne risks backlash over public sector pay reform
The government is to axe automatic annual pay rises in the civil service as part of a pledge to make £11.5 billion worth of public sector savings in 2015/16.Chancellor George Osborne revealed the proposed legislation in the Spending Review 2013 at the same time as confirming that public sector pay ...
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Parliamentary Commission lobbies for new banking remuneration code
The Parliamentary Commission on Banking Standards has published its fifth and final report.The Changing banking for good report, which has been heavily influenced by recent banking misconduct that took place under the former Financial Services Authority (FSA) regime, contains a package of recommendations intended to raise standards in, and transform ...
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Restraint shown in setting executive remuneration
Research published in May and June showed bonuses have fallen for FTSE 100 executive directors and pay freezes are on the increase.Fit Remuneration Consultants’ FTSE 100 executive remuneration survey, published in May, found that 32% of FTSE 100 employers will not increase salaries this year, up from 27% that took ...
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Employers could try to avoid equal pay audits
But the paper, which follows the 2011 Modern Workplaces: equal pay consultation, could have some worrying consequences, according to one employment lawyer.Anne Pritam, an employment partner at Stephenson Harwood, said: “The government has written into the most recent consultation exercise specific exceptions to the rule when employers would be ordered ...
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Tapestry launches online global share plan service
Law firm Tapestry has launched an online service and database to help manage the global legal compliance aspects of an employer’s share plans.The system covers many types of plans, including:Deferred share bonusEmployee stock purchasePerformance share plans and restricted stock unitsRestricted share plansShare optionsSavings-related share optionsShare match and co-investmentCash plansIt also ...
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Pensions Bill passes second reading in House of Commons
The Pensions Bill passed through its second reading in the House of Commons on 17 June.The Bill was introduced into the House of Commons on 9 May 2013, following the Queen’s Speech.During the speech, it was confirmed that the Pensions Bill will introduce a state pension system which will replace ...
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Manufacturers lose faith in fit note system
British manufacturers have lost faith that the government’s fit note programme is getting people back to work, according to research by manufacturers’ organisation EEF.The 2013 EEF/Westfield Health sickness absence survey, which questioned 353 employers, indicates that improvements in sickness absence seen in recent years have now plateaued and that further ...
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Final proposals on directors' remuneration legislation published
The Department of Business, Innovation and Skills (Bis) has proposed reforms to board pay disclosure and shareholder voting rights.The finalised legislation apply from 1 October 2013.The regulations are still subject to parliamentary approval, but are not expected to change.Its proposals include:Recruitment policy: It will no be longer necessary for employers ...
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HMRC targets minimum wage cheats in Corby
HM Revenue and Customs (HMRC) has targeted job agencies in Corby in a minimum wage crackdown.A three-day operation uncovered a possible £100,000 owed to 3,000 employees in the area.Officers from HMRC and the Department for Business, Innovations and Skills (Bis) visited 34 employment agencies between 28 and 30 May 2013.HMRC ...
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Tribunal says employers could set retirement age
The Employment Tribunal (ET) has judged that compulsory retirement might still be justified in some circumstances.On 30 May the ET ruled on the Leslie Seldon case which was brought because Seldon was required to retire at age 65 from the partnership of the law firm Clarkson Wright and James.At the ...
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Shares for rights changes could cost employers more
The government had to make several concessions to its original proposals before the Growth and Infrastructure Bill, commonly known as ‘shares for rights’, was passed by Parliament.Under the new legislation, employers will be able to allow staff to swap some of their employment rights, including unfair dismissal and redundancy rights, ...
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EBA consults on bankers' bonuses
The European Banking Authority (EBA) has launched a consultation on the technical standards of its bankers’ bonus cap legislation.The EBA’s draft Regulatory Technical Standards, which are intended to help identify material risk takers who will be subject to specific provisions of the capital requirements directive, will apply the bonus cap ...
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JLT to re-launch lifetime allowance audit service
JLT Wealth Management is to re-launch its lifetime allowance audit service.This follows the reduction of the lifetime allowance, announced by Chancellor George Osborne in the Autumn Statement in December 2012, which is due to take effect from April 2014.The objectives of the lifetime allowance audit are:To establish a precise valuation ...
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Changes to Companies Act promote employee ownership
The government’s changes to the Companies Act 2006, which aim to promote employee ownership, come into effect on 30 April, following approval from both the House of Commons and the House of Lords.In relation to authorising share buy backs, these amendments will:Allow off-market share buy backs to be authorised by ...
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Government updates share scheme simplification
The government has released further details on its plans to simplify employee share schemes.In December 2012, following recommendations made by the Office of Tax Simplification (OTS), the government announced that it would introduce self-certification of share incentive plans (Sips), save as you earn (also known as sharesave) schemes and company ...
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FCA publishes rules on charging model for platforms
The Financial Conduct Authority (FCA) has published rules to ensure the way that platforms are paid for is more transparent.From 6 April 2014, platforms in both the advised and non-advised market will not be allowed to be funded by payments from product providers.Instead, a platform service must be paid for ...
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Fit note guidance clears up outstanding issues
Getting the most out of the fit note: guidance for employers and line managers explains what employers should do if they are given a fit note by an employee, what different sections of the fit note mean, and how it can be used most effectively.Richard Baker, a solicitor at Shoosmiths, ...
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Government's employee ownership proposal passes
The government’s employee ownership proposal has passed in the House of Lords.The Growth and Infrastructure Bill, commonly known as ‘rights for shares’, passed by 275 to 168, a majority of 107, after Chancellor George Osborne made a key concession.The legislation means that employers will be able to allow employees to ...
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Call for single pensions regulator
The government should reassess the case for establishing a single body with sole responsibility for regulating workplace pensions, according to a report by the Work and Pensions Committee.Its report, Improving governance and best practice in workplace pensions, raises concerns over current gaps in regulation and the potential for further gaps ...
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Employee ownership scheme passed in House of Commons
Members of Parliament have voted in favor of the government’s proposed employee ownership scheme.The policy, which is part of the Coalition government’s Growth and Infrastructure Bill, passed in the House of Commons with 277 votes in favour and 239 against.This comes after the proposal, dubbed ‘shares for rights’ by Chancellor ...