All Employee Benefits articles in Web Issue – Page 306
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I-level revamps reward offering
A new employee benefits scheme launched by digital communication agency I-level has garnered a 99% approval rating from employees.As well as traditional benefits such as holiday, dental and health cover, the new scheme, which is provided by Thomsons Online Benefits and called I-benefit, includes half-days off on birthdays, wild card ...
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John Lewis staff to share 15% bonus
Staff at John Lewis Partnership are to share a bonus pot worth £151.3m after the company announced “robust” results for the year ending 30 January.The payouts will be roughly 15% of salary, equal to nearly eight weeks’ pay.The news came as the retailer, which owns Waitrose, revealed group operating profit ...
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Mothers should earn £435k a year
Forget bankers and MPs, mums would be wallowing in cash if a new poll is to be believed.With Mother’s Day fast approaching and petrol station forecourts set to be besieged by the forgetful and hard-up in search of that last-minute posey of flowers, those who say their mums’ efforts are ...
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Public sector pension payment projections will rise to £79bn by 2060
Projections of payments across all UK public sector unfunded pension schemes show total payments rising to more than £79bn a year by 2059-60.The findings, from a report conducted by the National Audit Office (NAO), are expressed in terms of constant 2008-09 prices before allowing for income from employee contributions.Estimates of ...
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National Trust offers stressed city workers bottled fresh air
In response to new research that shows 74% of UK urban workers feel stressed on a daily basis, the National Trust is handing out fresh air that has been bottled at some of the country’s favourite outdoor venues.The National Trust is offering 100 bottles of fresh air in recycled glass ...
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CDHT launches healthcare cash plan
Chester and District Housing Trust (CDHT) has launched a healthcare cash plan for its 275 employees.For the past four years, CDHT has held health clinics four times a year and provided an occupational health unit onsite once a month, but the healthcare cash plan is the first it has implemented.The ...
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Aviva launches new group critical illness product
Insurer Aviva has launched a new critical illness product in response to increased customer demand for lower-cost benefits to include in a flexible benefits scheme.The product offers two levels of cover: either a standard list of illnesses or procedures, or an extended list. The benefit is paid up to five ...
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Article
Sainsbury bonuses beat increased tax rates
More than 1,200 of Sainsbury’s highest earners will see their bonus payments brought forward by three months. This means that the bonuses will be paid before the introduction of an increase to the income tax rate for high earners.The increased income tax rate, which comes into effect on 6 April, ...
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Savills pays out bumper bonuses
Savills is preparing to pay approximately £60m in bonuses this year, more than double its expected profits.The bonuses, or 'discretionary profit share' as Savills prefers to call them, will be handed out to 20,000 staff worldwide. Savills refused to comment on the size of this year’s bonus pot.The estate agent ...
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Article
Government Actuarial Department switches valuation software provider
The Government Actuary Department (GAD) has switched to Xafinity Claybrook’s actuarial valuation software SuperVal, replacing its previous provider InQa.The new software was selected for its functionality, quality of support and plans for future software developmentKen Kneller, chief actuary at the GAD, said: “After a rigorous selection process, we chose SuperVal ...
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Kwik Fit Financial Services awards employee of the year £10,000 prize
Kwik Fit Financial Services has held its annual staff awards ceremony, at which 38 employees were rewarded for their work over the last year.Maureen Paterson, executive service consultant at Kwik Fit Financial Services, was honoured with a £10,000 prize as the insurance intermediary’s Employee of the Year.The award ceremony, which ...
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Article
Marks and Spencer brings bonus payments forward
Marks and Spencer is to accelerate the cash bonus payment for its 78,000 staff, moving it forward to the first week of April rather than July.The retailer’s move will ensure the bonuses are paid before the tax rate on personal income over £150,000 rises to 50% on 6 April.A spokesperson ...
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Striking BA staff will lose travel benefits
Cabin crew who take part in the proposed British Airways (BA) strike will lose their eligibility for staff travel benefits.The airline is at loggerheads with trade union Unite over pay and conditions, with three-day strikes currently planned to start on 20 March and 27 March.BA offers staff free or discounted ...
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Nest charging structure revealed
The government has announced the charging structure for the national employment savings trust (Nest).The scheme will initially have a combination charge made up of an annual management charge (AMC) and a small contribution charge.The annual management charge is expected to be set at 0.3%, reflecting the long-term running costs of ...
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Nestlé UK proposes changes to defined benefit pension
Nestle UK has proposed to change its defined benefit (DB) pension scheme from a final salary to a career average arrangement.The company has entered into a formal consultation period with employees about its proposed changes, which will run until 17 May.Paul Grimwood, Nestle UK’s chief executive and chairman, said: “Pensions ...
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Investors in People launches health and wellbeing award
Claridge's, Kimberley-Clark and NHS Suffolk are among the first employers to be awarded Investors in People's Health and Wellbeing Good Practice Award.In total, seven employers received the award, which was launched on 11 March and recognises employers that have strengthened their organisations by investing in the health and wellbeing of ...
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British Airways proposes increased employee pension contributions
British Airways (BA) employees will have to pay an extra £37m a year into their defined benefit (DB) pension funds under new proposals agreed between BA and its three unions.Existing BA employees will have to contribute a further 4.5% of their pay in order to keep their benefits at the ...
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PPF should not be funded by levy alone, says survey
Almost three-quarters of pension scheme trustees and advisers believe that the Pension Protection Fund (PPF) should not be funded solely by a levy on pension schemes without any government funding, says a survey by actuarial firm Barnett Waddingham.The majority of pension professionals also think the government needs to step up ...
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Bupa launches new dental product
Bupa has launched a new flexible dental plan which offers up to £15,000 for oral cancer.Available from April, the enhanced plan also features full reimbursement for NHS treatment, routine treatment overseas, anaesthetist benefit and up to £1,000 a year for hospital stays.Bupa Dental Plan offers five benefit levels, with premium ...
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AMII and CII to launch new health insurance exam
The Association of Medical Insurance Intermediaries (AMII) and Chartered Insurance Institute (CII) will launch a new health insurance examination for brokers and advisors in April.The exam syllabus will cover seven key areas including: structure of the UK healthcare insurance market, product types and applying risk assessment, rating and underwriting considerations, ...