News – Page 44
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ArticleMedian basic pay awards stabilise at 2%
Pay awards have stabilised for the first time in two years and 2% is the “new normal”, according to XpertHR.The median basic pay award in the three months to the end of August 2021 was 2%, compared to nil just over a year ago when employers were grappling with the ...
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ArticlePension auto-enrolment opt-out rates at 10%
New data has revealed that pension auto-enrolment opt-out rates remained low, at 10%, in the 12 months ended 31 March 2021.Nest Insight has published Retirement saving in the UK 2021, an annual study of retirement saving behaviours in the UK, which included around a third of the working population and ...
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Article60% of employees say financial concerns led to anxiety
New data has found that three-fifths (60%) of employees have had financial concerns that has resulted in anxiety, stress and depression.Barnett Waddingham surveyed 2,001 UK employees about the future of work and employee wellbeing in the UK, and revealed that the generation most likely to see their mental health suffer ...
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Article65% of firms predict financial wellbeing challenge
New research has found that two-thirds (65%) of HR decision makers predicted financial wellbeing will become the next big employee challenge.Pensions organisation Scottish Widows, which surveyed more than 500 HR leaders from UK businesses, revealed that monetary concerns during the Covid-19 (Coronavirus) pandemic have led to almost half of workers ...
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Article47% of staff do not know how to plan for retirement
Nearly half (47%) of employees do not have the knowledge to plan for their retirement, according to new research from Aviva.The study found that 28% feel secure regarding how to manage their pension and 27% are confident they know what a good amount to have in their pension is for ...
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ArticleJohn Laing completes £320 million bulk annuity deal
Infrastructure business John Laing Group has completed a £320 million bulk annuity deal for its pension fund members.According to the business, this is the second buy-in transaction with Aviva, following a £211 million transaction in December 2008, and will insure the defined benefit pension liabilities for 1,850 current pensioners. Fund ...
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ArticleItsu boosts staff pay to £10.40 an hour
Asian restaurant and grocery chain Itsu has announced all in-store workers paid weekly will get an 11% wage increase from today (17 September).The rise will be effective from 1 October for those paid monthly and will see entry-level pay go up to a minimum £10.40 per hour for 1,000 employees ...
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ArticleEXCLUSIVE: Financial wellbeing at Employee Benefits Live 2021
EXCLUSIVE: Natalie Jutla, employee value proposition and employee benefits lead for the Department for Environment, Food and Rural Affairs (Defra), will be giving a presentation about financial wellbeing on Thursday 7 October at Employee Benefits Live 2021.The session titled ‘Developing effective financial wellbeing schemes’ will be taking place on the ...
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ArticleKavitha’s keynote: Pensions awareness is a work in progress
This year’s Pensions Awareness Day took place on 15 September, with an aim of highlighting the importance of saving for retirement.Research carried out by HR and payroll services provider MHR, to tie in with the day, however, found that as many as one in four employees have no pension at ...
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ArticleResearch reveals gender pension divide
New data has revealed that nearly two-thirds of male workers (64%) are confident they will retire at the age they intend to, compared to one in two (53%) females.Insurance and financial services organisation Canada Life surveyed UK 4,001 working adults who had received advice from a professional adviser and found ...
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Article23% of employees have no pension plan
Almost one in four (23%) members of staff have no pension plan in place, despite the requirement for employers to provide and automatically enrol employees on to a scheme.The research has been carried out by HR and payroll services business MHR International to run alongside Pensions Awareness Day taking place ...
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ArticleLancaster University staff plan strikes in pension row
Lancaster University employee strikes are reportedly “inevitable” amid an ongoing dispute over pension cut plans.Last month (August), the University and College Union (UCU) emailed more than 50,000 members in Universities Superannuation Scheme (USS) institutions inviting them to a meeting to outline their preparation to ballot and take part in industrial ...
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Article32% of employees have personal finance education
Less than a third of workers (32%) are offered personal finance education as an employee benefit, according to new data.Financial wellbeing platform Nudge Global released its 2021 global report, Disrupting money habits: why it's time for organisations to break cycles of exclusion, in order to highlight the opportunity and need ...
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Article27% of retiring staff fail to understand income options
More than a quarter (27%) of employees approaching retirement admit that they need help understanding their income options, according to a new survey.Vital Research carried out the study on behalf of financial wellbeing and retirement specialist Wealth at Work, speaking to 1,320 UK employed adults aged over 50, and found ...
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Article71a gives staff pay rise after national insurance hike
Gloucestershire, UK-based digital marketing business 71a has announced it will give its entire workforce a pay rise following the news that national insurance (NI) will increase by 1.25% next April.Edward Newman, who founded the start-up in 2019, promised his six full-time members of staff a pay augmentation next April in ...
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Article25% of workers do not have a workplace pension
A quarter of workers (25%) do not have a workplace pension, with another 5% saying they have no idea whether they have one or not, according to research conducted by the Pensions and Lifetime Savings Association (PLSA).The survey of 2,075 workers, carried out by Yonder Consulting, also revealed that one ...
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ArticleCosta Coffee gives staff 5% pay rise
Coffee chain Costa Coffee has announced a 5% pay rise for its 14,500 staff working at its business-owned UK stores.The organisation, which owns 1,500 stores in the UK, while another 1,200 stores are franchise-owned, has awarded employees with this as a way to thank them for their hard work during ...
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ArticleThe top 10 most-read articles between 3 September - 9 September 2021
The top 10 most-read stories on employeebenefits.co.uk between 3 September – 9 September 2021 were: EXCLUSIVE: John Lewis to discuss wellbeing at Employee Benefits Live 2021Monzo recruits Rachel Mooney as chief people officerAmazon offers £50 bonus for being punctual41% of employees report mental heath declineConfessions: Candid revs up for the ...
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ArticleKavitha’s keynote: Benefits can empower employees
This week, I think it’s time to focus on the positives and celebrate employers that have introduced benefits to empower employees and improve their overall wellbeing.Retailer Halfords, for example, launched a platform for staff that helps with financial budgeting, savings and education. Because it is built around a flexible pay ...
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ArticleEXCLUSIVE: Low-cost perks on agenda at Employee Benefits Live
EXCLUSIVE: Emma Brookes, reward and recognition specialist at the University of Salford, and Dr Sabrina Robinson, wellbeing lead of people and transformation at Essex County Council (ECC), will be participating in a panel talk about cost-effective benefits on Wednesday 6 October at Employee Benefits Live 2021.Brookes and Robinson will be ...