All Employee Benefits articles in Web Issue – Page 337
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Article
Debi O'Donovan, editor of Employee Benefits: Recognition is the key to secure engagement
Recognition schemes are on the rise. I have spoken to several consultants from different firms over the past month or so, and all have commented on the increasing amount of work they are doing to put employee recognition schemes in place.We have known since the darkest days of the recession ...
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Article
True cost of public sector pensions is hidden
The Public Sector Pensions Commission has accused the government of drastically underestimating the cost of unfunded public sector pensions.The commission says that public sector employees need to save more than 40% of their annual salary to fund their benefits but are only putting aside 20%, meaning taxpayers are having to ...
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Article
Workplace Options launches new employee absence tracking tool
A new tool to reduce unplanned absences and manage employee productivity has been launched by Workplace Options.The employee assistance programme (EAP) provider has launched the web-based application to counter the cost of the impact of sickness absence on businesses.According to the Confederation of British Industry (CBI), employees took 180 million ...
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BBC senior executives see pay rise despite promises of a curb in the pay bill
Senior executives at the BBC received pay rises last year despite promises of a reduction in the pay bill and an executive board pay freeze over three and a half years.The broadcaster’s annual report stated that the executive board received a total of just under £4.77 million in 2009-2010, up ...
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Mercer research: Financial services firms redesign pay and bonus structures
Most financial services companies have decreased the annual cash bonus element and increased base salaries, as well as the use of deferred compensation according to research conducted by Mercer.The consultancy's Executive Incentive Plan Snapshot Survey, which analysed data from 39 financial services organisations, showed that almost all respondents had changed ...
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Hay Group research: UK employers raise the bar for staff to earn bonuses
More than half (52%) of UK firms are raising performance thresholds for staff to earn bonuses and incentives while almost half (46 are putting more emphasis on variable pay for all levels of employees.A study from Hay Group, based on the views of HR professionals from 1,300 global firms of ...
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Clifford Chance, Nationwide and Amey appoint new pension software provider
Clifford Chance, Nationwide and Amey have all appointed eShare as their pension scheme software provider.eShare’s software aids in the workflow and administrative processes surrounding scheme governance and allows trustees to access information, communicate and collaborate with one another through a single location without requiring access to an internal computer network.David ...
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Article
Inchcape switches provider of healthcare trust
Automotive distributor and retailer Inchcape has selected Healix to provide its healthcare trust to more than 1,000 employees, retirees and dependants.Inchcape had operated a trust for more than five years but changed providers after concerns about administration costs, claims handling and maximising value on claims costs through purchasing power prompted ...
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Article
The Pensions Regulator issues FSD against Nortel group companies
The Pensions Regulator (TPR) has issued a Financial Support Direction against organisations in the Nortel group that will require them to provide support for the UK scheme, which had a shortfall of £2.1 billion.The Pensions Regulator’s determinations panel found that it would be reasonable to impose the requirements of an ...
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Article
Property and construction workers hit the bottle to cope with stress
Property and construction workers are more likely than any other professional to turn to drink to cope with stress, according to a survey from Medicash.Of the workers in the industry, 47%, five times more than most other industries, admitted to being so strung out at the end of the day ...
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Reform proposals for the universities’ pension scheme to be recommended to trustees
The Joint Negotiating Committee of the Universities Superannuation Scheme (USS), the principal final salary pension scheme for university and higher education employees, has confirmed that a package of proposals for benefit reforms from the employers would be recommended to the USS trustees on 22 July.The conclusion was reached after independent ...
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Business in the Community launches employee volunteering tool
Business in the Community (BITC) has launched the Employee Volunteering Check Up with input from Aramark, Linklaters, Lloyds Banking Group, and Prudential UK and Europe.The Check Up is an online, interactive quiz that provides respondents with tips and guidance on developing a range of employee volunteering opportunities.Respondents will also gain ...
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Article
Xafinity buys PwC’s trustee pension clients business
Xafinity is acquiring PricewaterhouseCoopers LLP (PwC) trustee pension scheme actuary, trustee investment consulting and scheme administration client business.Xafinity Consulting will provide clients with a full range of pensions consulting, actuarial and administration services.PwC has taken the strategic decision to cease operating in the market of providing trustee scheme actuary and ...
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Article
Redundancy payments can be capped in line with retirement
The Employment Appeal Tribunal (EAT) has handed down a decision on the question of whether it is unlawful age discrimination to cap contractual redundancy payments in order to prevent employees recovering more than they would have earned if they had remained in employment until retirement age.In Kraft Foods vs Hastie ...
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Article
Coal-walking laid on for employees backfires
Workplace motivation days can be great way to get staff fired up and ready for the job at hand.However, employees working for an Italian estate agency, who walked on hot coals as part of their motivation day, know that some workplace initiatives to boost morale can backfire.Nine sales people from ...
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Article
Craig and Derricott appoints Goddard Perry Actuarial
Craig and Derricott have appointed Goddard Perry Actuarial as scheme actuary to its retirement benefits scheme.The control gear products manufacturer's 108-member scheme has assets of £1.3million. Its independent trustee is Pension Professionals.David Pettitt, managing director of Goddard Perry Actuarial, said “We are excited to secure this new appointment as our ...
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Article
Premier Employer Services launches flexible benefit product
Premier Employer Services (PES), which is part of the Benefex Group, has launched a flexible benefit product specifically tailored to the small and medium enterprises (SME) market.The product, which is hosted and accessed online, offers smaller organisations the ability to offer their employees a range of benefits at a fixed ...
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Healix to offer discounted gym memberships to healthcare trust clients
Healix has partnered with Nuffield Health to offer discounted gym memberships to employees of its healthcare trust clients.As part of the healthcare trust provider’s package, a company’s employees will be able to access health and fitness services at no additional cost to the employer.Employees will have discounted membership at any ...
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BT reaches 9.3% pay deal with union
BT has reached a three-year deal worth 9.3% with the Communication Workers Union (CWU) bringing an end to a lengthy dispute over pay.The deal will see employees receive a 3% increase to base pay, which will be fully pensionable and cover pay-related allowances, each financial year from April 2010 to ...
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Article
Pay gap between carbon and energy traders is closing
The pay gap between carbon and energy traders has halved in the past three years, resting at 12%, according to a report from Selby Jennings.The report says that carbon traders would have been earning between 20-25% less on average than energy traders prior to the economic downturn.Pay for carbon traders ...