All Pay strategy articles – Page 216
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Standard Life pays £12m to three executives
Standard Life has increased the remuneration levels of its top three executives for 2013 after awarding them pay and bonuses worth nearly £12 million in 2012.The life company will increase the base pay of its chief executive, David Nish, by 1.9% to £790,000, its chief financial officer, Jackie Hunt, by ...
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St Andrew’s Healthcare pilots RTI
St Andrew’s Healthcare has completed a real-time information (RTI) reporting pilot ahead of the legislation coming into effect on 6 April 2013.From this date, all employers will be legally required to report pay-as-you-earn (PAYE) in real time.The mental healthcare charity was invited by HM Revenue and Customs to participate in ...
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Lloyds Banking Group reduces bonus pool
Lloyds Banking Group reduced its bonus pool by approximately 3% to £365 million in 2012, and will not increase salaries in 2013.The group’s 2012 Annual reports and accounts showed the greater impact of this reduction was applied to senior staff, and managed in the context of business and individual performance.It ...
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Aviva cuts bonuses and pay after shareholder revolt
Aviva did not award bonuses to executive directors in 2012 and is to freeze executive directors’ base pay in 2013.In its 2012 Full year results, the insurer showed that it paid its directors £4.77 million in 2012, down from £7.28 million in 2011.This comes a year after Aviva lost a ...
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Debbie Lovewell: Running out of time on RTI
This is an issue employers have been grappling with ahead of the introduction of real-time information (RTI) reporting on 6 April, with many concerned over payroll providers’ preparedness to deal with it.A survey of HR and payroll professionals published by PricewaterhouseCoopers in February found that one in four believed their ...
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Some employees not ready for RTI deadline
But not all employers have yet made the changes needed for compliance. Ellie Gamble, associate director at Grant Thornton, said: “The preparedness of employers is widely variable.“Some have been in the pilot since day one and are saying that, after a bumpy start, they are prepared for their UK populations ...
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European politicians vote on bankers' bonus caps
The cap will limit bankers’ bonuses to one-time salary, or two-times salary if a majority of shareholders agree. There will be some leeway for long-term incentives, although the details of this are still to be agreed by the European Banking Authority.The preliminary agreement will be put to a vote on ...
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Final agreement on bankers' bonus cap
The European Parliament and European Commission have agreed to cap bankers’ bonuses.The move is intended to curb the banks’ bonus-driven culture and to prevent the risk-taking that led to the 2008 financial crisis.The new legislation will come into effect from January 2014 and will apply to bonuses paid in 2015.The ...
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Lloyds Banking Group to reward staff on customer satisfaction
Lloyds Banking Group will base its variable pay to staff on customer feedback rather than product sales from 1 April 2013.The incentive scheme was first piloted by 70 of the bank’s 1,800 UK branches, including Lloyds TSB and Halifax branches.The other requirements of the scheme include:Employees must pass the organisation’s ...
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Clampdown on offshore payrolls
Budget 2013: The government will end the use of offshore employment companies in tax havens such as Jersey and Guernsey from April 2014.This confirmed an announcement made by the chief secretary to the Treasury, Danny Alexander about the use of offshore payrolls.A full consultation will be announced in May. Budget ...
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BAE Systems freezes senior managers' pay
BAE Systems has frozen the annual pay of its senior managers.The organisation revealed in its Annual report 2012 that its chief executive, group finance director, president and chief executive officer of BAE Systems, Inc and other executives will have their salaries kept at 2012 levels. The report also disclosed that:Chief ...
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Greater Manchester Police introduces new payroll system
Greater Manchester Police has introduced a new payroll management system to help it comply with real-time information (RTI) legislation.The iTrent cloud service, provided by MidlandHR, has a single database, which will bring the organisation’s entire human resources operation, servicing more than 11,000 employees, onto a single platform.Declan McGrath, managing director ...
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Man Group caps executive bonuses
Hedge fund Man Group has introduced a cap on bonuses for its executive directors, restructured remuneration arrangements for executives and introduced a new sales compensation structure.Under the terms of its new executive incentive plan, which replaces all existing arrangements for executive director remuneration, annual cash bonuses for this group will ...
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UBS reduces performance award pool
UBS has reduced its performance award pool to the lowest levels since the beginning of the financial crisis.According to the Swiss bank’s Annual report 2012, this was reduced to SFR2.5 billion (£1.75 billion) in 2012, down 7% from 2011, and a 43% decrease compared with 2010.Group chief executove officer Sergio ...
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British workers experienced sharpest wage fall in developed world
Employees in the UK have experienced a bigger fall in real wages than any other workforce in the world’s top ten developed economies, according to research by trade union Trades Union Congress (TUC).Its Global race report found that real wages fell by 4.5% in the UK between 2007 and 2011, ...
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GlaxoSmithKline lowers exec bonuses by £1.781 million
GlaxoSmithKline (GSK) lowered annual bonuses for executive directors by £1.781 million in 2012.According to the pharmaceutical firm’s Annual Report 2012, the group’s executive directors received £2.131 million in annual bonuses for 2012, compared to £3.912 million in 2011.However, GSK’s remuneration committee decided to increase annual salaries for executive directors’ by ...
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Costain offers new HR and payroll system
Engineering organisation Costain has implemented an auto-enrolment and payroll services system.It will use Ceridian’s software-as-a-service (SAAS) suite of products to offer its 3,000 employees managed payroll, HR administration, workforce management, performance management and auto-enrolment modules, among others.Fiona Ware, HR director at Costain, said: “While a [software-as-a-service product] was identified from ...
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Volkswagen alters exec remuneration
Volkswagen has altered its bonus structure for its board of management.Under its variable remuneration framework, members of this board receive a bonus, which relates to business performance over the previous two years, and a long-term incentive plan (L-tip) relating to the previous four fiscal years.The car manufacturer’s supervisory board has ...
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DOD’s blog: this week in benefits
So, this week we’ve had more news about employers deferring bonus payments until after 6 April so that staff earning more than £150k a year can pay income tax at 45% instead of 50% as currently applies.Virgin Media defers bonus paymentsThe general population might squeal at the idea of ‘fatcats’ ...
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Small business unaware of RTI
Only 19% of respondents are aware of, and prepared for, the introduction of real-time information (RTI) reporting in April, according to research by Crunch Accounting.Its study of 503 people working in small businesses, found that 46% of respondents had no knowledge of RTI, while 35% were only vaguely aware of ...