All Employee Benefits articles in Web Issue – Page 1287
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ArticleGovernment to introduce neonatal pay and leave entitlements for working parents
Budget 2020: The government has announced today (11 March 2020) that it will create a new neonatal leave and pay entitlement for working parents.The benefit will be applicable to employees whose babies spend an extended period of time in neonatal care. It will provide up to 12 weeks paid leave ...
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ArticleGovernment announces reduction of most company car tax rates by 2%
Budget 2020: The government has confirmed a reduction of most company car tax rates by 2% in 2020/21, applicable to cars first registered from 6 April 2020.The benefit-in-kind tax rates will return to planned levels over the subsequent years: by 1% in 2021/22, and 1% in 2022/23. Rates will then ...
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ArticleNational living wage projected to increase to £10.50 by 2024
Budget 2020: Chancellor of the Exchequer Rishi Sunak (pictured) announced today (11 March 2020) that the UK government plans to raise the national living wage to £10.50, or two-thirds of median earnings, by 2024. For this year, Sunak announced an increase of 6.2%, to £8.72 per hour, taking effect from ...
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AnalysisBack to basics on defined benefit to defined contribution pension transfers
Need to know: Defined benefit (DB) to defined contribution (DC) transfers are becoming increasingly popular, and employers should understand the basics to help staff make the right choices.Employees looking for greater flexibility must also understand and be comfortable with the higher level of risk associated with DC schemes.Many individuals would ...
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Case StudiesCo-op transfers employees to a more flexible defined contribution scheme
In October 2015, food and retail business Co-op closed its defined benefit (DB) pensions arrangement and transferred employees out to a defined contribution (DC) group personal pension (GPP) scheme.During the change, the existing £8 billion DB scheme stayed as was, with all existing accruals retained. In terms of future pension ...
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ArticleNational insurance contribution threshold to rise to £9,500 from April 2020
Budget 2020: Chancellor of the Exchequer Rishi Sunak announced today (11 March 2020) that the national insurance primary threshold for employees will increase to £9,500 from April 2020.The government projects that this will affect approximately 31 million people, saving a typical employee around £104 in the 2020/21 tax year. This ...
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ArticleSMEs to be reimbursed for statutory sick pay during Coronavirus crisis
Budget 2020: In the 2020 Budget announcement on 11 March 2020, Chancellor of the Exchequer Rishi Sunak announced that small and medium-sized enterprises (SMEs) will be able to claim a refund for statutory sick pay paid in relation to Covid-19 (Coronavirus).As part of temporary legislation aimed at minimising the effects ...
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ArticleHow will the Spring Budget 2020 affect pay and benefits?
Chancellor of the Exchequer Rishi Sunak delivered the Spring Budget speech to the House of Commons on Wednesday 11 March 2020. Below is a summary of the key announcements that could impact pay and benefits strategies:National insurance contribution threshold to rise to £9,500 from April 2020National living wage projected to ...
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ArticleVolkswagen AG rewards employees with €4,950 performance-related bonus
Employees at German automotive manufacturer Volkswagen AG, who are covered by collective bargaining agreements, will receive a performance-related bonus of €3,259.50 (£2,876.47) in their May 2020 pay, taking the total amount for 2019 to €4,950 (£4368.32) gross.Volkswagen AG staff received a bonus of €1,690.50 (£1491.85) with their salary in November ...
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ArticleOne third of UK organisations do not offer flexible working
Almost one-third (31%) of UK employees are not provided the opportunity for flexible working arrangements by their employers, according to research conducted by Flexioffices.The study of 2,000 UK employees found that 15% would consider leaving their role if a flexible working option was taken away from them.Of the 69% of ...
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Article
The top 10 most read stories: 5 March- 11 March 2020
The top 10 most-read stories between 5 March and 11 March 2020 were: Wilko abolishes sick pay for retail and distribution staff of less than a yearGovernment to introduce neonatal pay and leave entitlements for working parents
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Supplier articleCoronavirus and the role of HR: Staying connected to your people in times of uncertainty
Whether it’s changing government regulations, a public relations nightmare or a health scare, it’s the role of HR to keep their people informed and, most importantly, safe.In the wake of COVID-19, or the Coronavirus, this is becoming increasingly top of mind for many HR professionals as a pandemic virus is ...
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ArticleChancellor confirms that IR35 reforms will proceed on 6 April 2020
Budget 2020: Chancellor of the Exchequer Rishi Sunak announced on 11 March 2020 that changes of the off-payroll working rules, known as IR35, will go ahead on 6 April 2020.The off-payroll working rules, introduced in 2000, are used to ensure that an individual working like an employee, but through a ...
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ArticleNon-taxable counselling services to include related medical treatments
Budget 2020: On 11 March 2020, Chancellor Rishi Sunak announced changes to the tax treatment of welfare counselling services provided by employers to their staff.In his Budget 2020 speech to the House of Commons, Sunak stated that from April 2020 government would be extending the scope on non-taxable counselling services, ...
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Article
Poll: Will Coronavirus have long-lasting impacts on working practices?
[crowdsignal poll=10519333]
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ArticleSalary Finance acquires financial wellbeing platform Neyber
Workplace finance platform Salary Finance has acquired competitor Neyber in a deal completed on 9 March 2020.As part of a pre-pack administration, Neyber's assets have been acquired by Salary Finance, and staff transitioned under Transfer of Undertakings (Protection of Employment) Regulations (Tupe). Pre-pack administration allows for the sale of a ...
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ArticleGovernment to launch review of enterprise management incentive scheme
Budget 2020: Chancellor of the Exchequer Rishi Sunak announced on 11 March 2020 that the government will launch a review into enterprise management incentives scheme (EMI).The EMI scheme is a tax-advantaged share option scheme designed for smaller businesses, enabling them to reward staff with equity participation. The review will aim ...
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ArticleThe top 10 most read stories: 5 - 11 March 2020
The top 10 most-read stories between 5 March and 11 March 2020 were: Wilko abolishes sick pay for retail and distribution staff of less than a yearGovernment to introduce neonatal pay and leave entitlements for working parentsBoris Johnson announces day-one statutory sick pay to tackle CoronavirusAon to merge with Willis ...
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ArticleLovewell’s logic: Could Coronavirus alter flexible working in the UK?
With Coronavirus now firmly front and centre in UK consciousness, businesses are well underway with preparing for staff to work from home, where it is feasible for them to do so. For some organisations, this will be the first time they have incorporated remote working into their business strategy.Setting employees ...
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ArticleInnovative organisations ask employees to get their hands on the merchandise
Something for the weekend: Employee perks are fast becoming a deal-breaker when it comes to attracting, and keeping, a talented and engaged workforce. There are many methods of creating an attractive package, but some organisations have chosen to engage staff with the business by directly incorporating their brand into their ...