Opinion – Page 2
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OpinionDaniela Silcock: Why master trusts have become the pension destination of choice
Master trusts have come into their own over the past 10 years. From a niche arrangement pre-automatic enrolment, master trusts have become the pension scheme type into which 84% of employees are enrolled.Pensions Policy Institute (PPI) modelling expects that out of around 15 million active defined contribution (DC) pension savers ...
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OpinionClaire Jose: It is vital that employers support staff financial wellbeing
We all know that happiness comes from within, and it is no different with money happiness. As the cost of living continues to rise, it is more important than ever that businesses turn their attention to their staff to not only provide support for their physical and mental wellbeing, but ...
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OpinionLovewell's logic: How is the rising cost of living impacting employees?
Following last week’s damp squib of a Spring Statement, headlines this week have been dominated by how much the cost of living is due to rise yet again from today (1 April). With the price of gas, electricity and council tax all set to rise, along with an increase in ...
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OpinionElena Visser: The argument for giving employees growth shares
The benefits of giving employees a stake in the business by way of equity participation are well rehearsed.Often the decision comes down to a choice between allocating shares upfront, effectively making the employee a day-one shareholder, versus granting them a tax-efficient enterprise management incentive (or EMI) share option.Making employees a ...
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OpinionAdrian Cooper: Where next for financial wellness?
The nascent financial wellness industry is set to evolve into a fragmented market offering specialised solutions to meet different financial challenges.The current approach is to offer a one-size-fits-all package. Yet the financial challenges people face are not homogenous. At the start of their working life, young people may be saddled ...
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OpinionJeremy Harris: What are the long-term consequences of the pensions pay gap?
During a House of Lords debate on 22 November 2021, following a question posed by Labour life peer Lord Sikka about the UK government's efforts to tackle entrenched gender pay inequality, the pensions gap was highlighted as an issue of major concern.The pensions gap, it was noted, contributes to societal ...
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OpinionSuzanne Staunton: How can employers tackle furlough fraud?
With the UK government’s furlough scheme having come to an end, HM Revenue and Customs (HMRC) has now stepped forward to start counting the cost of the scheme to taxpayers. Already, many instances have been identified of bogus companies having been set up purely to siphon off public funds, the ...
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OpinionPolly Neate: What employers need to know about the housing emergency
The housing emergency is real. Just ask your colleagues.Right now in the UK, working families are being evicted from their homes. Working people are living in hostels and working parents are going without food just so they can pay the rent. This is the housing emergency. How much do you ...
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OpinionMark Ormston: Key considerations to introducing a salary sacrifice pension scheme
When introducing a salary sacrifice pension scheme, early engagement with payroll is key, as it is vital to involve them as soon as possible in the discussions. An employer may discover the systems or software currently being used have certain limitations or missing functionality to meet desired requirements.Employers should consider ...
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OpinionLee McIntyre-Hamilton: National insurance rise causes concern among employers
Given the sizable budget deficit and the demands of the NHS and social care, it will be no surprise to many that taxes are set to increase with the new 1.25% health and social care levy. However, the timing and nature of the rise has rightly caused grave concern among ...
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OpinionMartin Upton: Workplace financial education can support employees' savings goals
There have long been concerns about financial capability in the UK and calls for education to help people manage their finances. But should this be provided in the workplace?Clearly there is a demand for this. An Open University survey, published in December 2015, found that 81% of employees would like ...
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OpinionLaura Soley and Oliver Scutt: How to introduce a staff hardship fund
As a consequence of Covid-19 (Coronavirus), many employers are considering how they might offer support to current employees in financial difficulties.One way to support them is to set up a charitable staff hardship fund, which can be used to give financial support to members of a defined class of people ...
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OpinionGraham Griffiths: The benefits of paying the living wage
Now 18 months on since the start of the Covid-19 (Coronavirus) pandemic, it is clear that the world of work has changed remarkably and irreversibly. With almost two-fifths of the working population working from home, which is up almost 10% from pre-pandemic levels, many of us now have a very ...
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OpinionAmmer Malik: Employees' financial wellbeing should be a top priority
Balancing the wellbeing of employees with the devastating economic impacts of Covid-19 (Coronavirus) has been an unparalleled challenge for many employers over the last year. With Covid impacting the incomes of people across the country, both directly and indirectly, helping restore employees’ financial wellbeing should be at the top of ...
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OpinionKarleen Dowden: Employers must prioritise the financial wellbeing of employees
In March, the Chartered Institute of Personnel and Development's (CIPD) Reward management survey called on employers to recognise both the moral and business case for taking more responsibility for their employees’ financial wellbeing.The estimated cost of low financial wellbeing each year as a result of absenteeism and presenteeism is £1.56 ...
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OpinionCharles Cotton: Employers are likely to take a targeted approach to pay post-Budget
The focus of this year’s Budget was on supporting lives and livelihoods. For instance, to help protect jobs, the furlough scheme was extended to September, while to support small to medium-sized enterprises (SMEs) invest more in IT and improve management capability, the Help to Grow initiative was launched.In terms of ...
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OpinionVickie Graham: Workplace financial education is incredibly important during the pandemic
2020 has been a year where all aspects of our lives have been impacted. From a workplace standpoint, the global Covid-19 (Coronavirus) pandemic has impacted how we do business, how we interact with people, how we conduct meetings and events, how we engage and motivate our teams, and crucially how ...
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OpinionLovewell's logic: Should staff expect to be paid during quarantine?
On Saturday 25 July 2020, the UK government announced that, from 26 July, anyone entering the UK from mainland Spain, the Balearics or the Canary Islands would be required to quarantine for 14 days, following a rise in cases in Covid-19 in these regions.At the time numerous Britons were already ...
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OpinionMatthew Connell: Employers have access to tools that support employee financial wellbeing
An employer’s relationship with its employee is an important one and goes beyond a focus on day-to-day work priorities. With the increased focus on health and wellbeing over recent years, it has meant this relationship is more important than ever.Building an open and trusting relationship where employees can feel comfortable ...
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OpinionLovewell's logic: The economic impact of Covid-19 continues to bite
When looking for inspiration for topics for my weekly blog, I often look back over the news we have covered that week. Unsurprisingly, our headlines this week have been dominated by pay issues, be these about employers that have awarded pay increases or appreciation bonuses to front-line or key workers ...