All articles by Tom Washington – Page 19
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Article
Zurich launches online self-service pensions system
Zurich Financial Services has launched an online self-service pensions facility for staff to improve engagement.The system went live for 7,500 active members of ZPen - the firm’s collective name for its defined contribution and defined benefit pension schemes - last month, and will be rolled out to its 22,000 deferred ...
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Analysis
New analysis: Salary sacrifice no solution to Budget pension changes
Those who thought they had seen a way round Mr Darling's pension tax relief cuts must think again.Salary sacrifice around pension contributions may not be such a good bet as was first thought after last month's Budget, when Chancellor Alistair Darling said tax relief on pension contributions for high earners ...
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Analysis
Dental perks in the recession
The high cost of dental treatment and a lack of NHS dentists are driving take-up of oral health benefits, but voluntary schemes may not succeed during the recession, says Tom WashingtonAnyone who has visited the dentist and walked away with a huge bill will know just how costly poor oral ...
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Analysis
Benefits in Japan
While Japan’s employers seek to cut back on employees, pay and bonuses during the recession, core benefits such as healthcare and pensions are coming under the spotlight, says Tom WashingtonAs the global financial crisis deepens, Japan’s reliance on exports saw its GDP fall by 12.8% between October and December 2008 ...
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Case Studies
Employer profile: Yorkshire and Clydesdale Banks
A philosophy of ‘boring is good’ has served Yorkshire and Clydesdale Banks well during the recession, but that description does not apply to its staff perks, says Tom WashingtonYorkshire Bank celebrates its 150th anniversary this year, and has seen off one or two recessions in its time. But given the ...
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Article
Unum increases maximum benefit limits
Unum has increased its maximum benefit limits, offering annual cover of up to £250,000 a year on its personal and primary income replacement plans.The income protection provider has also upped the maximum cover available under its executive income replacement plan, which now offers annual cover of up to £300,000 a ...
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Article
Buck Consultants launches redundancy service for managers
Buck Consultants has launched a new service designed to help line managers address the needs of retained staff at each stage of a redundancy process, and keep a focus on the future.The new service, called Beyond Redundancy, will offer ‘manager workbooks’ that enable them to keep staff focused during a ...
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Article
Kellogg’s switches company car provider
Kellogg’s has switched company car provider in order to cut costs and offer a wider range of vehicles to staff.The Manchester-based food company operates a 200-strong company car fleet and has signed a three-year sole supply maintenance contract hire agreement with ALD Automotive.The switch follows the completion of an extensive ...
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Article
Whitbread to defer payments to cut pension deficit
Whitbread is to defer pension deficit top-up payments for three years after announcing its pension fund shortfall has risen to £388 million in its triennial valuation.The leisure group, which has announced its underlying pre-tax profit for the year to 26 February is up 12% at £228m, has struck a deal ...
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Article
Toshiba introduces employer-paid healthcare cash plan
Toshiba has introduced a healthcare cash plan for its 320 Plymouth-based staff to help improve health and wellbeing.The Japanese-owned electronics firm will fund one level of cover on Westfield Health's Foresight Plan for all employees, who then have the option of upgrading to a higher level of cover by paying ...
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Article
More than half of UK businesses plan to freeze pay
More than half of British businesses plan to freeze salaries this year, while more than one in ten plan to cut staff pay, according to research published by the British Chambers of Commerce (BCC).The report, which surveyed 400 UK companies, revealed 58% of firms are planning a salary freeze, with ...
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Article
Budget 2009 update: Impact on pensions
The government's proposed changes to pension tax relief could result in a shake-up of high-level remuneration plans, according to experts.In his Budget speech, Chancellor Alistair Darling revealed that pensions tax relief for those earning more than £150,000 will gradually be tapered from 40% until it is 20% for those who ...
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Article
Budget 2009: Tax relief on pensions for high-earners to be reduced
Higher-rate tax relief on pension contributions for those earning more than £150,000 a year will be restricted from April 2011.In his Budget speech, Chancellor Alastair Darling announced that the 40% higher rate of tax relief will gradually taper down to the basic rate of 20% for those on incomes over ...
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Article
Chapel Down launches wellbeing programme
Chapel Down has launched a wellbeing scheme to help keep staff hydrated at work and encourage a healthier lifestyle by giving them the chance to self-assess their own health and grow vegetables.The wellbeing scheme includes voluntary access to an interactive health kiosk which enables staff at the firm to assess ...
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Article
Executive pay practice needs repair, says CFA
Executive pay practice is unnecessarily complicated and needs repair according to research conducted by the CFA Institute Centre for Financial Market Integrity in collaboration with the European Commission.The survey on executive compensation, conducted among members of the CFA Institute based in the European Union, revealed that almost two thirds (64%) ...
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Article
Lloyds and RBS Group to offer loans as staff bonuses
Lloyds Banking Group and Royal Bank of Scotland (RBS) Group are to offer loans to staff who have seen their bonuses deferred for up to three years.In an effort to align reward with the long-term interests of the bank's shareholders, including UK taxpayers who own 70% of the bank, RBS ...
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Article
Pension deficit triples in a year
Pension Protection Fund (PPF) data has revealed that the deficit faced by around 7,400 defined benefit (DB) pension schemes has more than tripled in a year from £81.5bn in March 2008 to £243.1bn last month.In March 2009, the total surpluses of schemes in surplus fell to £11.1bn from £13.3bn at ...
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Article
UK pay rises among world's lowest in 2009
UK employees will experience one of the lowest base salary increases in the world this year and are likely to see their bonuses decrease as employers continue to make cut backs during the recession.According to research by Hay Group, the 1.46% average pay rise falls well short of the global ...
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Article
Nottingham City Council seeks health motivators
Nottingham City Council is inviting employees to become health motivators to help communicate its health and wellbeing strategy more effectively to its 13,500 staff.The council aims to recruit around 100 staff who have an interest in health and wellbeing or who consider themselves to be a natural motivator, to run ...
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Article
Wolters Kluwer launches voluntary benefits scheme
Media company Wolters Kluwer has launched a voluntary benefits scheme for its 1,000 UK staff to increase employee engagement.The programme, WK UK Shop, provides access to a range of discounts and the ability to earn cashback at more than 1,500 retailers, including Boots, Debenhams and John Lewis. Offers can be ...