News – Page 48
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ArticleFinal deadline extension for Employee Benefits Awards 2021
The deadline for the Employee Benefits Awards 2021 has been extended for the final time to 5pm on Tuesday 8 June, giving HR, reward and benefits professionals one very last chance to enter and win recognition for their achievements at the industry’s most prestigious event of the year.Now in its ...
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ArticleUK Food Standards Agency reveals negative gender pay gap
The UK government department Food Standards Agency (FSA) has announced a negative mean gender pay gap of -9.6% for 2020, with a mean gender bonus pay gap of -16.3%.According to the FSA, the mean gender pay gap is based on the difference in the average hourly pay for women compared ...
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ArticleEmployee benefits could ease the burden for Generation X carers
New data has suggested that offering statutory paid parental leave and flexible working could ease the burden for Generation X carers.According to the International Longevity Centre’s (ILC) Slipping between the cracks report which was supported by long-term savings and retirement business Phoenix Group, carers from Generation X - those born ...
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ArticleJohn Wyeth and Brother completes £190 million bulk annuity deal
The defined benefits (DB) liabilities of members of the John Wyeth and Brother's Wyeth Group Pension and Life Assurance Scheme (1997) have been insured by Aviva, it has been announced.The £190 million bulk annuity buy-in transaction means the DB pension liabilities for approximately 2,000 members of the scheme are protected, ...
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ArticleKavitha’s keynote: Employers must take heed of the gender pensions gap
Figures out this week showed that in the UK men have 38% more in their pension pot than women, with a 57% gap in favour of men found in Northern Ireland. But it’s not the first time research has highlighted such a huge disparity in gender pensions savings.Meawhile, other pensions ...
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ArticleUK gender pensions gap averages 38%
Research carried out by PensionBee has revealed that depending on age and location, the UK gender pensions gap is as high as 57%.The online pension provider found UK men have saved £24,236 towards their retirement compared to just £15,006 saved by UK women, which is a 38% gap in the ...
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Article25% would increase pension contributions if they understood tax relief
One in four people would be more likely to increase pension contributions if they understood tax relief better, according to new research.A survey of 2,000 UK adults carried out by Opinium on behalf of insurer Royal London found that 15% of respondents fully understood how tax relief on pension contributions ...
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ArticleBritish Car Auctions faces legal action from drivers over pay and status
British Car Auctions (BCA) drivers have begun legal action against the company over their employment rights.The drivers claim they only receive between £4 and £6 an hour when factoring in work-related expenses, which is below the current national living wage of £8.91.As they are classed as self-employed, the drivers also ...
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ArticlePay deals improve as inflation rises
Pay deals in April have given cause for optimism but they come against a backdrop of rising inflation.According to research from XpertHR, although the median pay award is still less than it was a year ago, it has reached its highest level since the quarter ending in November 2020.The median ...
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ArticleCompulsory schemes could provide financial protection for employees
Mandatory schemes that include hardship support may be able to provide financial protection from economic distress caused by the Covid-19 (Coronavirus) pandemic, according to research from Zurich Insurance Group and the University of Oxford’s Smith School of Enterprise and the Environment.The report, entitled Shaping a brighter future of work, has ...
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ArticleVeolia workers ballot for strike action over pay freezes
Workers employed by waste contractor Veolia have threatened industrial action in a row over pay freezes.The dispute involves members of UK union Unite who work as part of the company's commercial bin collection service, which operates from more than 25 depots across the UK.The workers object to Veolia attempting to ...
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ArticlePledge to make Manchester a living wage city
Newly re-elected mayor of Manchester Andy Burnham has unveiled a vision for the city to become the UK’s first to pay the living wage.A new Living Wage City-Region action group has been set up - which will see Burnham begin talks and start collaborations with businesses, unions, local authorities, faith ...
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Article25% of 55-64-year-olds unaware of pension freedoms
More than six years after employees gained pension freedoms that gave them more control of their retirement savings, research has revealed one-in-four people aged 55-64 are not aware of them.This lack of knowledge among the age group most likely to need the freedoms was highlighted by Fidelity International. According to ...
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ArticleSovereign Housing Association reveals 1.7% gender pay gap
Sovereign Housing Association, which serves the south and south-west of England, has announced a mean gender pay gap of 1.7%.The disparity is the smallest it has been since measuring began, and this 2020 figure is an improvement from the 4% recorded for 2019.The organisation's median gender pay gap is even ...
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ArticlePension participation stalls for first time since 2012
Data released by the Office for National Statistics (ONS) has revealed 78% of people now have a workplace pension – up from 47% just eight years ago.The findings, which showed figures as at April 2020, also highlighted that last year was the first since 2012 where pension participation levels remained ...
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ArticleFurlough wages exceed £61 billion
Employers have paid more than £61.3 billion in furlough wages to staff since the start of the Covid-19 (Coronavirus) pandemic, data released by the Office of National Statistics (ONS) has shown.According to government statisticians, numbers of furloughed workers have been gradually decreasing, with 4.2 million on the Coronavirus Job Retention ...
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Article41% of employees trust financial wellbeing tools
Financial wellbeing tools must improve in the aftermath of the Covid-19 (Coronavirus) pandemic, according to new research.Willis Towers Watson's Future of financial wellbeing study revealed that only 41% of employees would trust financial wellbeing provisions provided by their employer. This figure was only 26% among Baby Boomers and 36% among ...
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ArticleShare schemes found to boost wealth by up to £10,000
Staff who take advantage of share schemes could be better off to the tune of £10,000 compared to those who do not, according to new research.Data from the Social Market Foundation (SMF) revealed there is a distinct ‘wealth benefit’ of participating in share ownership schemes – and yet less than ...
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ArticleEmployers launch gender pay gap campaign
Major organisations, including Fawcett Society and Women on Boards UK, have backed a new gender pay gap campaign to speed up progress on reporting data.‘Reset the Timeline’, launched today (4 May) and led by pay gap specialist Spktral, is asking qualifying employers to not delay submitting their information until the ...
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ArticleEmployees still losing track of their pensions
Despite all the marketing and employee communications, the number of people who have lost track of at least one of their pensions has barely improved at all in the past five years, according to new research.Data released by Aegon has revealed 17% of those with multiple pensions do not readily ...