All articles by Tom Washington – Page 4
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UK workers give away £27 billion of unpaid overtime
Over five million workers across the UK gave away £27.4 billion in unpaid overtime in 2009, according to research by the Trades Union Congress (TUC).The study shows that 5.07 million people regularly worked unpaid overtime in 2009, a decline of 168,000 since 2008. Staff who did unpaid overtime worked an ...
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Linklaters closes final salary pension and reviews reward
Law firm Linklaters has closed its final salary pension scheme to future accrual and reviewed its risk benefits as part of a new approach to employee benefits.After reviewing the efficiency of its resources with assistance from broker Aon Consulting, the firm is also removing its death-in-service pension benefit and adding ...
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TD Waterhouse revamps flexible benefits after acquisition
TD Waterhouse has revamped its flexible benefits and integrated 160 new staff from an acquired companyIn October, the stockbroker acquired OMX Securities, whose staff were given access to all TD Waterhouse perks except its pension scheme and were invited to enrol in last month’s flex window.Anne Barnett, compensation and benefits ...
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Enrich Reward opens portal to new pensions service
Consultancy Enrich Reward is entering the pensions market to deliver and manage pensions and benefits through one portal.Following a management buy-out of the reward side of Gissings Advisory Services in October 2007, Enrich was under contract not to enter the pensions market for two years.Its new pension service, launching this ...
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World Wildlife Fund to hold staff wellbeing activity week
The World Wildlife Fund is running a wellbeing activity week for its 340 UK staff to help improve motivation.The organisation’s first wellbeing week, held last January, achieved 84% take-up, but it aims to improve on that this time with a host of new activities.Its activities will begin on 15 January, ...
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Employer profile: City and Guilds
Reward is playing a key role in helping City and Guilds to operate on a more commercial and competitive footing, says Tom WashingtonThe rollcall of City and Guilds’ graduates include famous names such as Jamie Oliver and Alan Titchmarsh, but necessary changes to its business strategy have meant much pruning ...
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Buyer's guide to carbon offsetting (January 2010)
Employers and employees can make a contribution to the fight against global warming by donating to schemes that will offset their carbon footprints, says Tom WashingtonCarbon-offsetting schemes enable employees to calculate the amount of carbon they produce, be it through car journeys, flights, or the amount of electricity they use ...
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Conwy Council boosts workplace giving scheme
Conwy Council has relaunched its workplace-giving scheme to its 5,000 staff, and has increased the number involved tenfold.The scheme, part of the national Geared for Giving campaign, was first launched in 2006 but prior to November 2009 had achieved a take-up of only five people. But a communication campaign involving ...
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Almost half of European sales incentive plans are not working
Almost half (41%) of European employers believe their sales incentive plans are ineffective or are uncertain of their plans' effectiveness, according to research by Hewitt Associates.Its European Sales Compensation Survey looking at sales workforce incentive practices in 138 organisations across 15 European countries and 20 industry sectors, also found only ...
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Neuberger Berman switches to stakeholder scheme with Friends Provident
Neuberger Berman has replaced its existing occupational defined contribution scheme with a new group stakeholder pension scheme for its UK employees.The global independent asset management firm has appointed Friends Provident to implement and manage the new stakeholder scheme.Through the new scheme, Neuberger Berman’s UK employees will have immediate access to ...
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Ongoing pension reviews see DB schemes being fazed out
Only one in ten defined benefit (DB) pension schemes now remain open as employers continue to review their pension provision ahead of 2012, according to research by the Association of Consulting Actuaries (ACA).The 2009 ACA Pension trends survey, which involved private sector firms with combined total assets of £139billion, found ...
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Snap-On switches private medical insurance provider
Automotive tool manufacturer Snap-On has switched private medical insurance (PMI) providers to improve efficiency, and has used the savings to launch an employee assistance programme (EAP) for its 600 staff.Snap-On’s PMI benefit was previously provided by Bupa, but after a market review by consultancy Jelf Employee Benefits, it found its ...
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Fair Care joins forces with NCP to offer a salary sacrifice car parking scheme
Benefits provider Fair Care has joined forces with parking firm NCP to offer a salary sacrifice car parking scheme.The Smart Parking Scheme will enable staff to save up to 50% on their regular parking costs. The standalone product is administered by Fair Care.Staff are issued with an NCP Space card ...
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DC pension savings rebound by £103bn during 2009
The UK’s combined defined contribution (DC) pension savings have rebounded by over £103billion - or more than 25% - since this time last year, according to Aon Consulting.The total value of DC assets stood at nearly £505billion at the end of November, up £16 billion compared to the end of ...
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Investec launches new voluntary benefits programme
Leading specialist banking group Investec have enjoyed a successful launch of their new voluntary benefits package, with more than 50% of employees signing up to the programme within just five days.The new scheme, Investec Reward Gateway, was rolled out to the firm's 1,300 employees at the end of last month ...
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Kent County Council looks to private-sector style pay and reward
Kent County Council has begun consultation with staff and unions over its proposals to transform pay and reward.The reforms, which aim to reward staff more fairly and equitably, will see the removal of annual incremental pay points from the Council’s pay grades and the introduction of annual percentage increases assigned ...
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British Airways reveals £3.7billion pension deficit ahead of strikes
British Airways (BA) has reached provisional agreement on an actuarial basis to calculate the deficits of its pension schemes.On the basis of this agreement, the deficit in the Airways Pension Scheme would be £1billion and the deficit in the New Airways Pension Scheme would be £2.7billion.The troubled airliner said it ...
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BP appoints Aegon as DC pension provider
BP has appointed Aegon to provide its defined contribution (DC)†pension plan through a contract-based group personal pension (GPP) arrangement.Following the closure of BP’s final salary pension scheme for new UK employees joining the company after April next year, Aegon will provide a DC pension plan to new UK workers. The ...
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Less than half of workers expecting annual bonus
Less than half of UK employees are expecting to receive an end-of-year bonus this year, according to talent management consultancy Taleo.The Bonus Barometer survey found that, despite having weathered the recession, just 39% of respondents are expecting to receive an end-of-year bonus.Although this indicates that bonuses will be slightly more ...
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The Pensions Regulator call for greater scrutiny of enhanced transfer value exercises
The Pensions Regulator has called for greater scrutiny of enhanced transfer value (ETV) exercises, warning trustees of the risks these pose to members' benefits.Speaking at the NAPF Annual Trustee conference today, David Norgrove, chair of The Pensions Regulator said that the effect of the economic climate on pension scheme deficits ...