All Employee Benefits articles in Web Issue – Page 240
-
Analysis
It pays to review healthcare benefits
Executive summaryThe introduction of new drugs and procedures means that medical inflation is running at around 8.5% a yearAround 80% of costs are driven by the 15% to 20% of people with chronic conditions.There are a number of ways to keep a cap on private medical insurance costs, from reducing ...
-
Case Studies
Employee benefits at Yorkshire Building Society
Yorkshire Building Society has managed to steer clear of the wreckage surrounding the financial sector. FD Andrew Gosling explains how to Clare BettelleyYorkshire Building Society’s senior management team has agreed to forego its 2008 bonuses. Andrew Gosling, the society’s finance director and one of four executive directors in the team, ...
-
Analysis
Annuities affect staffing plans
Falling annuity rates mean many employees can’t afford to retire, reports Sarah ColesThe brief renaissance in annuity rates is over. After hitting a six-year high this summer, the decline set in again, and in the three months from October 2008 to January 2009 alone they fell a startling 5%. This ...
-
Analysis
Get staff to see the true value of perks
Executive summary As the recession bites, employers are becoming more demanding of their employee benefits packages, wanting more tangible business benefits. Benefits only work if staff value them. Good communication can dramatically boost employee satisfaction and, in turn, commitment to the organisation. Communication needs to be targeted at staff whose ...
-
Analysis
Pass on management costs of pension schemes
All employers are looking for ways to reduce the cost of administering their pension schemes. Ceri Jones suggests there has never been a better time to make a bold move.This is the driver behind the current trend to move from trust-based DC schemes to contract-based schemes, such as group personal ...
-
Article
Former RBS chief executive Goodwin received GBP3m pension advance
The former chief executive of the Royal Bank of Scotland Group (RBS) Sir Fred Goodwin has received a £2.7million advance on his £16.9m pension pot.Goodwin has reportedly withdrawn the money as the government looks for ways to claw back the benefit, worth £693,000 a year.Treasury Minister Lord Myners told MPs ...
-
Article
Financial Services Authority sets out new rules on banking sector remuneration
The Financial Services Authority (FSA) has said that employers could be financially penalised if they fail to comply with its proposed new plans on remuneration in the banking sector.In its review of the global banking crisis, the FSA said pay policies, and forms of remuneration such as bonuses will be ...
-
Article
Goldman Sachs offers loans to employees
Goldman Sachs has offered loans to more than 1,000 employees, who have invested in the company’s own products, and may struggle to meet demands for more capital.The firm allows employees to invest in its own investment funds, and some have committed millions of dollars. A number of these funds periodically ...
-
Article
Asda offers staff the chance to star in TV advert
Asda is engaging employees in its next advertising campaign by giving them the chance to win starring roles in a television advert.As part of efforts to engage its workforce with the relaunch of its ‘pocket tap’ advert, the retailer has invited employees to take part in a simultaneous ‘pocket tap', ...
-
Article
Debi O'Donovan, editor of Employee Benefits: Is it a bad idea to let staff invest to much of their money in their own employer?
A few weeks ago a press release crossed my desk that made me splutter into my morning coffee. It was from the not-for-profit body ifs ProShare that promotes employee share schemes, and it was calling for an increase to the current limit of £250 a month that employees are allowed ...
-
Article
AWD Chase de Vere Consulting launches salary sacrifice service
AWD Chase de Vere Consulting has launched a service to help employers introduce salary sacrifice schemes with greater ease.The employee benefits and pensions consultancy will work closely with employers to assess the suitability of salary sacrifice before assisting with the implementation of the scheme. The service has been designed to ...
-
Article
Wheelies Direct Cycle Solutions announces 250% rise in turnover
Wheelies Direct Cycle Solutions, a leading UK operator of cycle-to-work schemes, has announced a turnover of £2.8 million. This is a 250% rise over the course of less than a year. Turnover is expected to grow to over £4.2 million in 2009.More than 200 employers have signed up for cycle-to-work ...
-
Article
Aegon Scottish Equitable extends free cover benefits for group life schemes
Aegon Scottish Equitable has increased its maximum free cover benefit to £1.25million from £1 million for all new and existing group life schemes at renewal or next rate review.The free cover benefit terms also apply to group income protection for existing schemes of £100,000, again at renewal or rate review. ...
-
Article
NICE issues guidance to help manage long-term absence
The National Institute of Clinical Excellence (Nice) has issued guidance to help employers manage long-term sickness absence in the workplace.The guidance, which is part of efforts to get more employees who are off sick back to work, recommends a series of measures employers can take to deal with sickness absence ...
-
Article
Barclays set to unveil changes to remuneration policies
Barclays is set to unveil significant changes to its remuneration policies at its annual general meeting next month.In its 2008 annual report, published this week, the bank highlighted proposals to revise its remuneration policy to accentuate risk management and the role of behaviours that determine it. The bank has revealed ...
-
Article
Private sector pay falls for first time in eight years
Private sector pay has fallen for the first time since official records began eight years ago while public sector pay continues to rise, according to data from the Office of National Statistics (ONS).With pay and bonuses being frozen in the economic downturn, the average weekly wage for a private sector ...
-
Article
Unum publishes recession planning guides
Group risk provider Unum has published two guides to help intermediaries advise employers on their group risk benefits during the recession.The first guide provides details of Unum’s provisions and requirements when employers are restructuring and/or making redundancies.The other guide outlines the arrangements that can be made to accommodate temporary periods ...
-
Article
NHS boardroom pay outpaces 2% public sector pay cap
National Health Service (NHS) Trust directors in England received an average pay rise of 6.4% last year, ahead of the government’s 2% target for public sector pay increases, according to the latest NHS Boardroom pay report 2009 by Incomes Data Services (IDS).The report also highlighted the growing gap between the ...
-
Article
Peer1 offers bonuses to new recruits who quit their jobs
Web hosting firm Peer1 is offering £1,000 bonuses to new recruits that quit their jobs shortly after starting work as part of efforts to employ the highest-calibre staff.The global firm will be giving a £1,000 cash payout, dubbed the ‘Foxtrot Oscar’ bonus, to all employees who leave within the first ...
-
Article
Executive pay trends in the US point to frozen salaries in the UK
UK executives are likely to be subject to frozen salaries and clawback policies to their pay packages if trends in the US flow across the Atlantic, according to research conducted by Watson Wyatt.The survey found that the number of US companies that froze salaries and added clawback policies to their ...