News – Page 16
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Article27% of under 35s have calculated required retirement income
Just one-quarter (27%) of UK staff aged under 35 have worked out how much they will need to live on in retirement, according to research by Royal London.The mutual life, pensions and investment firm, which surveyed 4,000 UK adults, also found that two-fifths (38%) of adults under the age of ...
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ArticleAstraZeneca and BAE Systems CEOs have highest FTSE 100 pay
AstraZeneca, BAE Systems and BP have been named as FTSE 100 organisations with the highest chief executive officer (CEO) pay, according to research by the High Pay Centre.Its latest report found that Pascal Soriot of AstraZeneca was the highest paid CEO, making £16.85 million, ahead of Charles Woodburn of BAE ...
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ArticleScottish junior doctors accept 12.4% pay rise
Scottish junior doctors have accepted a 12.4% pay increase for 2023–24 backdated to April, bringing an end the threat of industrial action.A total of 81.64% of British Medical Association (BMA) Scotland members voted in favour of the offer, with a 71.24% turnout. Along with the 4.5% pay rise awarded in ...
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ArticleThe top 10 most-read articles between 11 - 17 August 2023
The top 10 most-read articles on employeebenefits.co.uk between 11 - 17 August were: Tesco Ireland enhances staff health and wellbeing benefits30% of staff prefer CDC pension for decumulation over an annuity or drawdownScotRail staff accept improved pay dealExclusive: A fifth of employees worry about money every dayMedian monthly pay up ...
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ArticleScotRail staff accept improved pay deal
Employees at Scottish railway service ScotRail have voted to accept an improved pay offer made by their employer through a referendum that closed yesterday (Monday 14 August).As part of the deal, train drivers will see a 5% basic pay rise for 2023/24, backdated to 1 April, with a further 1% ...
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ArticleMedian monthly pay up 7.8% year-on-year
Median monthly pay for July 2023 has been estimated at £2,274, a 7.8% increase from July 2022 and the highest rate since 2001, according to data from the Office for National Statistics (ONS).Its latest labour market figures revealed that this was a decrease from £2,308 in June 2023, which was ...
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Article30% of staff prefer CDC pension for decumulation over an annuity or drawdown
Almost one-third (30%) of UK defined contribution (DC) savers said they prefer a collective defined contribution (CDC) pension for a decumulation option at retirement instead of an annuity or drawdown, according to new research.Global professional services firm Aon and financial services provider Aegon’s new whitepaper Collective DC decumulation – is ...
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ArticleScottish Opera and Royal College of Physicians and Surgeons of Glasgow launch financial wellbeing support
Credit: TreasureGalore / Shutterstock.comScottish Opera and the Royal College of Physicians and Surgeons of Glasgow have introduced a financial wellbeing scheme in order to support their workforces.The two Glasgow-based employers have a combined total of more than 350 employees. Provided by Glasgow Credit Union, its Employer Partner scheme offers staff ...
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ArticleThe Watches of Switzerland Group accredited as living wage employer
Credit: T. Schneider / Shutterstock.comThe Watches of Switzerland Group has been accredited as a real living wage employer by the Living Wage Foundation.As a result of this commitment, every Watches of Switzerland Group employee will receive a minimum hourly wage of £11.95 for those based in London and £10.90 for ...
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ArticleExclusive: A fifth of employees worry about money every day
More than a fifth (22%) of employees worry about money every day, according to research by financial wellbeing organisation Bippit.Its report, The stigma edition 2023, which surveyed 5,000 UK employees and 660 senior HR professionals, also found that more than a third (36%) of employees do not like talking to ...
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ArticleGretna Green accredited as living wage employer
Credit: chrisdorney / Shutterstock.comWedding venue and events business Gretna Green has received living wage employer accreditation from Living Wage Scotland.As part of its living wage commitment, all Gretna Green employees will receive a minimum hourly wage of £11 per hour. This is above the UK’s living wage requirement of £10.90, ...
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ArticleWest End and UK theatre directors win pay rises
Theatre directors in the West End and across the UK have won pay rises as part of a four-year agreement following a financial claim submission earlier this year.West End directors will receive an immediate 10% increase to minimum rates, while those in the commercial and subsidised sector across the UK ...
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ArticleCawleys receives living wage employer accreditation
Credit: Peter_Fleming / Shutterstock.comWaste management business Cawleys has received living wage employer accreditation as part of a recognition of its investment in staff and commitment to fair pay.As part of this accreditation, every Cawley employee will receive a minimum hourly wage of £10.90. This is higher than the government minimum ...
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ArticleNorth Yorkshire Council awards staff £1,925 pay rise
Credit: Chedko / Shutterstock.comNorth Yorkshire Council is to give all of its more than 15,000-strong workforce a £1,925 pay rise as of this month.On average, the increase equates to a 6.35% pay boost for council staff in roles such as town planners, refuse collectors, social workers and engineers. The deal, ...
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ArticleMale employees more likely to ask for a pay rise
One-quarter (26%) of female employees have asked for a pay rise this year compared to one-third (36%) of male staff, according to research by HR software provider Ciphr.Its survey of 1,000 employed adults also found that women were less likely to have asked for a cost-of-living bonus than men, at ...
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ArticleDHL workers at Gatwick Airport accept 15% pay rise
Credit: Pabkov / Shutterstock.comAround 600 DHL workers based at Gatwick Airport on the EasyJet contract have suspended strikes after voting to accept a 15% pay rise.Scheduled strikes from 28 July to 1 August will no longer take place.The employees, who are represented by trade union Unite, have also accepted an ...
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ArticleMost common forecasts for 2024 pay awards sit at 5%
2024 pay awards forecasts range between 3.8 and 5%, with 5% the most common prediction, according to new research from Paydata.The reward and HR consultancy sought out anticipated 2024 pay awards from 229 employers across a range of sectors between 5 and 20 July. The findings revealed that 32% of ...
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ArticleCartwright awards staff up to £2,000 one-off cost-of-living payment
Cartwright, the pension specialist for defined benefit and hybrid schemes, has given each of its employees a one-off cost-of-living payment of up to £2,000.This extra financial support builds on its cost-of-living support approach last summer, where all staff received £1,000 to help ease the financial impact. It is in addition ...
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ArticleUniversity College London gives staff 9.5% pay rise
University College London (UCL) has awarded its workforce a 9.5% pay rise as part of its new £110 million staffing plan.The university’s University Management Committee has approved a new pay and reward strategy, which will see staff at the lower and middle points of pay scales receive a larger incremental ...
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ArticleAioi Nissay Dowa Europe launches financial wellbeing platform
Insurer Aioi Nissay Dowa Europe has introduced a financial wellbeing platform for employees in to empower them to build the best possible financial health.Its flexible pay platform, provided by Wagestream, enables staff to get paid up to 50% of their salary flexibly throughout the month, to help them stay in ...