All articles by Tom Washington – Page 13
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Pensions research: Types of pension scheme offered
The shift from defined benefit to defined contribution plans continues, and more employers prepare to introduce auto-enrolment, says Tom WashingtonRising costs have seen the shift from defined benefit (DB) to defined contribution (DC) pension schemes gather pace. Some 87% now offer a DC plan to some or all staff, compared ...
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JPMorgan Invest renamed Wealth at Work
Financial education and employee wealth management services provider JPMorgan Invest has been renamed Wealth at Work.The change follows the completion of a management buyout backed by Lloyds TSB Development Capital (LDC), the private equity division of Lloyds Banking Group.Wealth at Work provides services which allow employees to maximise the value ...
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Molson Coors Brewing Company aims to increase driver safety
Molson Coors Brewing Company is issuing Permits to Drive to more than 1,000 drivers across the company to ensure maximum occupational road risk management compliance.The UK's second largest brewer has teamed up with Fleet Supports Group and will use the latter's web-enabled RiskMaster programme to issue to permits.The company’s 900 ...
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CIPD research: Poor reward communication seen as big threat
Poor communication of reward is seen as the most common threat to organisational performance associated with pay and reward, according to a survey commissioned by the Chartered Institute of Personnel and Development (CIPD).Despite the media and regulatory spotlight on the dangers posed by bonuses around encouraging poor behaviour and performance, ...
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Pension Protection Fund offers short-term reprieve for large plans
The Pension Protection Fund (PPF) has offered short-term reprieve for large schemes and says it could run a deficit for decades.It announced yesterday that it will delay its plans to make the largest pension schemes provide a bigger share of the money it collects through levies by at least a ...
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NSPCC closes final salary pension scheme to existing members
The National Society for the Prevention of Cruelty to Children (NSPCC) is to close its final salary pension scheme to existing members.The move comes in order to mitigate the pension liabilities and the level of financial risk it presented the organisation. The charity said it could not afford to let ...
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Gender pay gap widens after 10 years of progress
The gender pay divide is widening again after 10 years of narrowing, according to a report from the Women and Work Commission.Figures for median earnings, which take into account full and part-time work, show that women are paid 22.6% less than men. The commission said that although this figure has ...
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Health and wellbeing providers gear up for swine flu
Health and wellbeing providers are gearing up for increased demand caused by swine flu, following government warnings that there could be 100,000 new cases of swine flu each day by the end of August. Furthermore, figures from absence management company FirstCare says employees infected with the virus are taking an ...
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Emap outsources benefits, HR and payroll processes
Emap has outsourced all HR, payroll and benefits delivery to NorthgateArinso as part of its wider strategic plan to outsource all IT, finance and HR services, enabling the firm to focus on its objectives for growth.Key elements of the outsourced package include self-service, which enables staff to manage their own ...
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London Borough of Hounslow appoints Capita Hartshead
The London Borough of Hounslow has appointed Capita Hartshead to provide administration and advice on scheme regulations for the Hounslow Pension Fund.The fund is part of the Local Government Pension Scheme (LGPS) and the contract will run for ten years.Councillor John Todd, chair of the Hounslow Pension Fund Panel, said: ...
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Co-operative Group launches healthcare services for staff
Co-operative Group and Co-operative Financial Services are launching occupational healthcare services for 82,000 employees.Under the programme, staff will have access to pre-employment referrals and absence management services, including physiotherapy and workstation assessments to help improve employee wellbeing and reduce absence.The employers have teamed up with Atos Healthcare to provide the ...
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The Royal Mail Group wins award for tackling sickness absence
The Royal Mail Group has won an award after reducing its sickness absence rate by 7% in one year, saving the organisation more than £15 million.Royal Mail's health and wellbeing programme, which demonstrates the value of each employee’s contribution to the organisation, has earned it the accolade of the Business ...
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Heyday case on default retirement age returns to court
The Heyday case on the default retirement age (DRA) has returned to the Administrative Court to determine whether or not it is legitimate for UK employers to continue with the current practice of retiring employees when they reach age 65.The hearing, set to end today with a final judgement expected ...
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Barclays staff balloted on industrial action over final salary pension closure
Barclays employees are set to be balloted on whether to take industrial action over the bank's decision to close its final salary pension scheme.Trade union Unite says its members are incensed at the pension proposals, which would result in the total closure of Barclays' pension scheme. In a consultative ballot, ...
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American Express suspends pension contributions
American Express has suspended employer contributions into its occupational pension scheme in a move to cut costs.The financial services firm, which employs around 6,000 staff in the UK, has announced that it will halt the contributions for up to 18 months from 1 July to maintain profitability in the economic ...
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JCB launches eye care vouchers
JCB has launched eye care vouchers for staff to replace an in-house optician service.The manufacturer purchased vouchers for visual display unit (VDU) users and prescription safety spectacles from Specsavers Corporate Eyecare last month for around 4,000 employees.It previously used to provide employees with an optician that came onsite to carry ...
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BDO Stoy Hayward boosts cycle to work take-up
BDO Stoy Hayward has increased take up of its cycle-to-work scheme by running an extra enrolment period for the first time.The accountancy firm first launched the scheme to its 3,000 staff in December 2007 when it achieved a 4% take up.It was offered to staff again in December last year ...
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Origen research: Age discrimination laws yet to impact on employers
Age discrimination legislation has yet to have an impact on the majority of UK firms, as over 50% do not employ any staff over the age of 65, which rises to 80% in IT telecoms and media, according to research conducted by Origen.The legislation that was implemented in October 2006 ...
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Goldman Sachs sets aside big compensation and benefits pot
Goldman Sachs is set to pay out sizeable compensation and benefits this year despite the recession after it announced strong financial results.The US bank reported a net profit of $3.44bn (£2.1bn) for April to June, and has set aside $6.65bn for pay and bonuses in this quarter. This is on ...
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BBC suspends directors' bonuses
The bonuses of the BBC's 10 most senior executives have been suspended indefinitely amid public anger over the size of their salaries.Some of the directors were reportedly awarded more than £100,000 in bonuses last year and Sir Michael Lyons, chairman of the BBC Trust, has said that some salaries had ...