All Pay strategy articles – Page 109
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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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ArticleCriteo hires first VP of global DEI
Digital advertising agency Criteo has appointed Rachel Scheel as its first senior vice president of global diversity, equity and inclusion.As well as helping to craft the company’s gender equality agreement and honour its commitment to achieving 30% of women in leadership roles at the business by 2022, Scheel will also ...
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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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ArticlePandemic drives growth in tech industry salaries
Salaries across the technology industry leapt by 12% last year on average, outstripping average pay rises of 5%, according to a new report.The Xcede salary guide, set to launch on Monday (29 March), looks at trends in the data, digital, and technology sectors over the past year.It revealed that average ...
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ArticleThe top 10 most-read articles between 18 March – 24 March 2021
The top 10 most-read stories on employeebenefits.co.uk between 18 March – 24 March 2021 were: Supreme Court dismisses sleep pay claimsHas the role of health cash plans changed during the pandemic?BAE Systems outlines placing mental health at the centre of wellbeing strategiesEmployee wellbeing findings a ‘wake-up call’ for actionBT gives ...
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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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OpinionKaren Plumbley-Jones: Employers need to be aware of changing restrictions on exit payments
What government can introduce, government can also take away. Anyone who follows the machinations of local government have noted with interest that new rules (The Restriction of Public Sector Exit Payments Regulations 2020) recently came into force on 4 November 2020. Within them was the introduction of a £95,000 cap ...
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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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ArticleOdey Asset Management loses incentives tax case
Hedge fund firm Odey Asset Management has lost its legal battle with HMRC in which it argued executives who were part of a partnership pay plan between 2011-12 and 2015-16 did not need to pay tax on their share options.The plan put 17 of its executives into a special purpose ...
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ArticleResolution Foundation finds half of staff saw real earnings slashed last year
Claims that weekly pay growth reached its highest rate for two decades in 2020 were too good to be true, according to a think-tank which has found half of all workers actually experienced a pay cut last autumn.The Resolution Foundation’s latest quarterly earnings outlook finds that compositional changes in the ...
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ArticleTUC demands coronavirus jab sick pay
The Trades Union Congress (TUC) is urging more employers to give staff paid time off if they fall unwell after having their Covid-19 (Coronavirus) jab.With more adults of working age now starting to receive their jabs, a new poll by the TUC among more than 1,000 firms found only 45% ...
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ArticlePublic sector workers paying more into pensions
A report by the National Audit Office (NAO) has revealed most pensions have become more affordable in recent years – but it has also raised concerns that pensions affordability among public sector workers is now falling behind.According to the report, employee contribution levels have increased by 16% in real terms ...
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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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ArticleSupreme Court dismisses sleep pay claims
The Supreme Court has this morning (19 March) delivered its much-anticipated judgement on how rate of pay is calculated on so-called ‘sleep-in shifts’ – remuneration for those required to provide sleep-in cover, which is typically required in care homes.The verdict was that it dismissed the appeals from two claimants – ...
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Article45% of FTSE 100 firms use ESG to calculate pay
Research by PricewaterhouseCoopers (PWC) and London Business School has revealed environmental, social and governance (ESG) measures have reached widespread adoption in the setting of executive pay.Data from The paying well by paying for good report found the measures were now being used in approaching half (45%) of all FTSE 100 ...
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ArticleEXCLUSIVE: BT discusses what reward will look like in a post-Covid world
Employee Benefits Insights 2021: Megan O’Shaughnessy, head of reward at BT, detailed the "growing importance of flexible reward strategies post-Covid" at the online event.O’Shaughnessy acknowledged that many organisations may not be in a position to offer traditional reward levers such as pay rises, bonuses or long-term incentive plans as a ...
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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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OpinionWilliam Carter: Employers should take note that Uber drivers are now 'workers'
It’s over. It’s a case that has seen twists and turns during six long years, but last month the highest court in the land finally handed down its verdict on the classification of drivers who work for taxi-hailing firm Uber and, not to put too fine a point on it, ...