All articles by Tom Washington – Page 5
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Article
Full introduction of personal accounts delayed
The full introduction of personal accounts is to be delayed by one year, allowing employers to contribute just 1% into their employees' pensions for longer.In the pre-Budget report, Chancellor Alistair Darling announced that employers would not have to meet the full 3% contribution until October 2017.Auto-enrolment with a 1% employer ...
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Article
Pre-Budget report: Workplace canteen tax exemption to be removed
The government is to restrict the tax exemption for workplace canteens from April 2011 by removing the exemption when used in conjunction with salary sacrifice or flexible benefit arrangements.In the pre-Budget report released today, the government said use of these arrangements enable a minority of employees to buy canteen meals ...
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Pre-Budget report: National insurance will rise by further 0.5%
Chancellor Alistair Darling announced today that he intends to increase all employer, employee and self-employed rates of national insurance (NI) by a further 0.5% from April 2011.In last year's Budget, the Chancellor increased all NI contributions by 0.5% for all employees and employers and today's announcement will be on top ...
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Pre-Budget report: Employer pension contributions will count towards higher earners' taxable income
Chancellor Alistair Darling has announced in his pre-Budget report that employer pension contributions will count towards the definition of income for the higher-rate tax measure for those earning more than £150,000.In this year’s Budget Darling announced that he would reduce pension tax relief for people with incomes over £150,000, saying ...
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Gordon Brown cracks down on public sector pay
Prime minister Gordon Brown has said public sector workers earning above £150,000 per year will have to justify their salaries in the future to set a new culture of openness.Addressing the Royal Society in London on 7 December, Brown said those receiving over-generous public sector pay would be "named and ...
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Article
Final salary pension schemes holding back employer recovery
Final salary pension deficits are making it much harder for recession-hit employers to restructure themselves in preparation for an economic recovery, according to research by the Confederation of British Industry (CBI) and Watson Wyatt.Their latest biennial Pensions Survey showed the costs of defined benefit (DB), including final salary, schemes are ...
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Article
Invensys launches sharesave scheme for 13,000 staff worldwide
Invensys has launched an all-employee sharesave scheme for the first time across 11 countries. In the UK, the technology group’s approved sharesave scheme was rolled out to 3,386 staff in September, and a further 9,929 staff were eligible for an unapproved plan across 10 other countries, including China, Spain, ...
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Article
Medicash launches new healthcare cash plan
Healthcare cash plan provider Medicash has launched a new product, which will offer greater flexibility.Its Medicash Reward product will provide increases in cash back limits allowing members to use their cash plan to recover voluntary excess costs on their private medical insurance (PMI) coverage, helping them to reduce their annual ...
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Article
O2 revamps flexible benefits scheme
O2 Telefonica UK has revamped its flexible benefits scheme to improve the perks on offer and the way it is communicated.Features added to the plan, which is in its third year, include a Benefits Mixer tool that asks staff simple questions to suggest benefits that suit their lifestyle. Colin Watt, ...
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Article
Heinz stirs voluntary perks ahead of flex launch
Heinz has relaunched its voluntary benefits plan ahead of rolling out a flexible benefits scheme for its 3,000 UK and Ireland staff next year.The food manufacturer has switched providers for its voluntary benefits scheme from P&MM to Asperity, and has introduced a new company-branded website through which staff can access ...
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Article
Group risk perks valued, research shows
Employers still feel morally obliged to protect staff by providing group risk benefits, despite the difficult economic climate over the past 12 months.Just over one-third (36%) of employers that offer group risk benefits do so because they feel obliged to look after staff and their families, according to Group Risk ...
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Article
Home Retail Group switches voluntary benefits provider
Home Retail Group has switched voluntary benefits provider to improve communication of its scheme.The retail giant has moved from Motivano to Personal Group to provide its scheme.Its new plan, available to all 53,000 staff, includes discounts on days out, leisure vouchers, health club membership, dental and health cash plans and ...
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Article
Queen sets out government's plans
The Queen outlined the government's plans to tackle the gender pay gap, improve working conditions for agency workers, and crack down on bankers' bonuses in her speech at the state opening of parliament last month.Her speech said the Equality Bill would "narrow the gap between rich and poor", and contained ...
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TMP Worldwide launches flex and online reward statements
TMP Worldwide has launched a flexible benefits scheme and online total reward statements for its 320 staff.Through its online system, staff at the recruitment advertising agency can view personalised total reward statements, select benefits and join the firm's group personal pension scheme. Perks include dental insurance, bikes for work, health ...
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Article
Workers value a good atmosphere, research shows
A good atmosphere in the workplace is the most important factor for employee satisfaction.In the Attitudes to Work survey of 472 UK public and private sector workers by IFF Research, a good atmosphere was rated as very important by 82% of private sector workers and 88% of those in the ...
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Interview with John Fitzgerald, senior reward consultant, pensions and benefits at Aegon
John Fitzgerald, senior reward consultant, pensions and benefits at Aegon, sharpens his eye for customer service and value for money, before escaping to exotic holidays and petsDepending on how you view your fellow employees, a degree in zoology may not seem like the most obvious starting point for a reward ...
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Analysis
Traumatic year for reward draws to a close
This has been an eventful year for reward professionals, with economic, legislative and administrative challenges to overcome, says Tom WashingtonIf your year has gone by as fast as it has here at Employee Benefits, then it must have flown by quicker than MPs' expenses receipts through the government's accounts department. ...
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Analysis
Long-term incentive plans are a rewarding alternative
Long-term incentive plans may offer a more prudent method of executive reward, says Tom WashingtonIf you read nothing else, read this... Long-term incentive plans (L-tips) are designed to drive business performance, ultimately producing an increase in shareholder value.The award is based on staff meeting certain performance conditions that prove they ...
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Article
JLT Group acquires HSBC Actuaries and Consultants
JLT Group has acquired HSBC Actuaries and Consultants (HACL) in a bid to expand its employee benefits offering.Duncan Howorth, CEO at JLT UK Employee Benefits, said: "This acquisition brings together two market leading employee benefit consultancies which have great synergy in both culture and client offerings. As a combined business ...
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Article
Government revises plans for childcare vouchers
The government has confirmed that it has revised its plans to phase out tax relief on childcare vouchers.Instead of withdrawing the tax relief to all new entrants from April 2011 as was previously set out in the prime minister’s speech to Labour Party Conference in September, the government has said ...