News – Page 50
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ArticleGender pay gap the same as in 2018
Initial analysis of gender pay gap reporting submissions has found that – so far – the mean wage disparity at companies in 2020 was the same as in 2018, indicating little overall improvement.The study was carried out by the Chartered Institute of Personnel and Development (CIPD), and examined all submissions ...
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ArticlePensions changes in the new tax year
A new tax year has begun and employers should make sure their payroll, and other HR systems, have been updated to meet their legal responsibilities with regard to pensions changes that have arisen.One of the key developments introduced yesterday (6 April) was the rise in national minimum wage (NMW) and ...
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ArticleTravis Perkins halves its gender pay gap
Travis Perkins, the trade and consumer hardware retailer, has revealed figures for 2020 which show it has halved its mean gender pay gap.According to its latest pay gap report, the organisation's mean wage difference was 4.8% in 2020, compared to 10% in 2019.The retailer's median hourly rate was even better, ...
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ArticleRoyal Mail workers set to receive share dividend
Tens of thousands of Royal Mail workers are set to receive a one-off 10p per share dividend after the delivery company announced adjusted operating profits rising to about £700 million in the year ending March 2021.The dividend – more than double what it was just two years ago and the ...
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ArticleDF Capital becomes living wage employer
DF Capital, the small and medium-sized enterprise (SME)-focused bank first founded in 2016, has become an accredited living wage employer.The move means the bank will now pay a salary to all its 85 staff that exceeds the minimum hourly rate of £9.50 for those aged over 25.Employees will be guaranteed ...
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ArticleKey workers' £1.6 billion living wage gap revealed
Significant numbers of the UK’s key workers have so far ‘lost’ £1.6 billion in earnings by not being paid a living wage, according to research compiled by the Living Wage Foundation (LWF).The analysis found that had these individuals been paid what the LWF recommends, they would have been £900 better ...
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ArticleSony to give bonuses worth seven months' salary
Sony is reportedly set to pay its Japanese staff their largest bonuses for more than two decades, as it prepares to announce end-of-year record profits.The electronics and gaming company is set to post year-end profits of around $10 billion (£7.2 billion), which have been significantly boosted by a surge in ...
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ArticleCMA releases ethnicity pay gap data
New data from the Competition and Markets Authority (CMA) has revealed it has a mean ethnicity pay gap of 29.3% and a median one of 34.8%.The findings were published in the organisation's first ever ethnicity pay gap report, which showed that of its 852 staff, 22% were from black, Asian ...
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ArticleWomen have up to 45% less in their pension pots than men at retirement
A new report by Barnett Waddingham has revealed a stark gender disparity in wealth at retirement, with women having between 25% and 45% less than men in their pension pots when they retire.The research, based on an analysis of some 35,000 members in seven defined contribution (DC) schemes, found that ...
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ArticleStudy finds mindset key to financial wellbeing
Pensions and investment company Aegon has today (29 March) published research which has analysed the link between financial wellbeing and people’s mindsets.The Financial wellbeing index placed an equal weighting on money factors such as income levels, budgeting skills and affordability of debt, alongside mindset factors such as peoples’ ability to ...
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ArticleSupreme Court rules Asda staff can pursue equal pay
Supermarket retailer Asda has lost its appeal to the Supreme Court, in which it argued staff working for one area of the business could not compare themselves to others for equal pay purposes.The long-running case centres on shop floor workers - mostly women - who said they should be paid ...
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ArticleDeliveroo riders paid less than the minimum wage
A joint investigation by The Bureau of Investigative Journalism, The Mirror newspaper and ITV has revealed large numbers of Deliveroo riders are paid below the national minimum wage (NMW).Analysis by the Bureau of more than 300 riders' invoices found that a third earned less than the NMW of £8.72 for ...
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ArticleGeneral Motors completes £53 million bulk annuity deal
The defined benefits (DB) liabilities of members of the General Motors VACPF (Vauxhall Associated Companies Pension Fund) have been insured by Aviva, it has been announced.The £53 million bulk annuity transaction means the DB liabilities of 1,392 members are now protected, removing the investment and longevity risk from the Fund.The ...
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ArticleVirgin Care introduces EWA incentive for staff
Photo credit: Virgin CareVirgin Care, the health and social care provider, has unveiled an Earned Wage Access (EWA) incentive for its 4,500 full-time workers.The collaboration with financial wellbeing platform Wagestream is designed to help employees deal with unexpected expenses and prevent financial strain.Under the scheme, individuals will be able to ...
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ArticleCovid-19 causes one in five employees over 65s to delay retirement
The impact of the Covid-19 (Coronavirus) pandemic continues unabated, with research by Close Brothers today (24 February) revealing it has already forced many older workers into delaying their retirement plans.According to the study, the past year has highlighted the fragilities of many people’s finances. As a result, it found nearly ...
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ArticleMerton College reveals Oxford living wage pledge
Merton College, part of the University of Oxford, has announced it has become an Oxford living wage (OLW) employer.The rate is specific to the region and set by Oxford City Council and is calculated at 95% of the London living wage. It means the college is now committed to paying ...
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ArticlePoll: Furlough scheme extension gets thumbs up from 55% of employers
Employee Benefits poll: More than half of employers agree with the government’s decision to extend the furlough scheme by a further five months.Also known as the Coronavirus Job Retention Scheme (CJRS), the initiative was expected to end on 30 April 2021. However, it has now been extended across the UK ...
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ArticlePension Protection Fund ethnicity pay gap 'a problem'
The Pension Protection Fund (PPF) has published its ethnicity pay gap alongside its gender pay gap data for the very first time – and admits the results do not make happy reading.According to its report, the organisation's median gender pay gap increased from 13.39% in 2019 to 15.71% for 2020. ...
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ArticleEdinburgh Council becomes living wage employer
Edinburgh City Council, the capital's largest employer, has announced that all of its staff will receive at least the Scottish Local Government Living Wage (SLGLW) as part of their base pay from 1 April.The change will mean all employees earn at least £9.50 per hour, and the move marks a ...
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ArticleReport reveals sharp decline in pay for working mums
A report released by the Institute for Fiscal Studies (IFS) has revealed the extent to which working mums forego employment and improvements in their salaries after they have had children compared to men.The careers and time use of mothers and fathers report found that the numbers of hours worked by ...