All Employee Benefits articles in Web Issue – Page 366
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Article
Debi O'Donovan, editor of Employee Benefits: All systems go - but be careful on tax-efficiency
We are now just two months away from the VAT increase to 20%, and five months away from the 1% rise in national insurance.This, coupled with other incoming tax changes on benefits such as high earners’ pensions and childcare vouchers, means that any benefits manager who is on the ball ...
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Nest awards fund administration contract to State Street Corporation
Nest Corporation has awarded the contract for its fund administration services to State Street Corporation.The main fund administration contract is for 10 years during which time State Street Corporation will be providing end-to-end fund administration and custody services to the National Employment Savings Trust (Nest).The contract has been signed in ...
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Bill Cohen: How will the high-earners tax changes affect reward strategy?
For quoted companies, their main institutional investors have made their position clear. Companies should neither compensate executives for the extra tax they will have to pay, nor should they implement structures that seek to increase tax efficiencies should they result in additional costs to the company.The institutional investors have also ...
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Mike Sullivan: How will the high-earners tax changes affect reward strategy?
The changes to the pensions tax regime announced on 14 October are likely to have a significant impact on employers’ reward strategies. Apart from the more obvious changes affecting high earners directly, there is also potential for there to be an indirect influence on workplace pensions provision.The government may have ...
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Employers struggle to balance health and wellbeing with financial priorities
Employers are facing the same workplace health challenges as they were a year ago, in trying to balance the cost of investment in health and wellbeing with financial priorities of the business.Aviva UK Health’s fourth annual Health of the Workplace Report found that while business leaders recognise the importance of ...
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Employee Benefits Live 2010: Total recognition could replace total reward
Employers should look at using a total recognition strategy in place of total reward in order to effectively align performance management with rewards.This is because money is not always a motivator, said Chris Bones, dean at Henley Business School, speaking at Employee Benefits Live 2010. Alongside cash remuneration, employees are ...
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Article
AgustaWestland launches pensions website
Helicopter manufacturer AgustaWestland has launched a new pensions website for its £630 million pension scheme.The defined benefit (DB) scheme, which has over 5,000 members previously had no online provision.The website, which is provided by Shilling Communication, offers access to Pensionline, the scheme administrator Aon’s interactive platform, where members can look ...
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Article
Police Service of Nothern Ireland awarded best payroll giving scheme
The Police Service of Northern Ireland was awarded best overall payroll giving campaign at the National Payroll Giving Excellence Awards 2010.The service, which employs 10,060 staff and increased its payroll giving take up, while reducing staff numbers, was also awarded best campaign by a public sector employer.Other winners included: TNT ...
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Article
Retail sector pay rises stuck at recession levels
Pay increases in the retail sector are failing to recover from recession levels, according to Hay Group.Its Retail Sector Report also found an increasing use of performance-related pay in the sector, although retailers are making bonuses more difficult to earn.The report revealed retailers predict salary increases of 1.9% over the ...
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Article
Pay freezes lifted for benefits managers
Just under two-thirds (64%) of reward and benefits managers have had a salary review in the last 12 months, according to the Employee Benefits Salary Survey 2010.In 2009 just 51% had a pay review. This rise indicates that organisations are loosening restraints put in place during the recession. Correspondingly, just ...
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Employee Benefits Live 2010: Design reward to fit people
The essence of total reward is about trying to connect with an organisation’s workforce in order to obtain optimum results.Employers should design their reward strategy to fit their people, rather than trying to get people to fit the reward design, said Peter Reilly, director HR and consultancy at the Institute ...
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Article
Women in benefits get better pay rises than men
The mean salary for female benefits managers has increased by £3,031 in the past year compared to £674 for men in the industry, according to the Employee Benefits Salary Survey 2010.However, the annual survey found there are still significant differences between the salaries received between men and women. The mean ...
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Article
BHSF to launch 24-hour GP helpline
BHSF is to launch a 24-hour general practitioner (GP) helpline on 1 December.The service will allow employers that offer BHSF’s health cash plan policies to offer access to a fully qualified GP 24 hours a day, 365 days of the year.The service was initially trialled with the provider's employer-sponsored products.Peter ...
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Asperity is behind the 'Benefits Revolution'
Asperity Employee Benefits is the provider behind the much-talked-about 'Benefits Revolution'.The revolution refers to its latest version of its Reward Gateway platform, names Reward Gateway 4.This new a fully-integrated voluntary benefits website is expected to challenge the flexible benefits platform marketplace due to its integrated voluntary and salary sacrifice facility. ...
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Spriax Sarco Engineering launches total remuneration surveys
Spirax Sarco Engineering has introduced total remuneration surveys,The surveys, which are provided by Mercer, will be delivered online to enable Spirax Sarco to make more informed decisions around the benchmarking of pay and benefits.The data supports a grading project that Mercer is implementing worldwide across the organisation.Neil Hurst, head of ...
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Article
Curo launches compensation platform
Curo has launched a technology platform, whichis designed to support employee compensation planning and allocation processes.The Curo Compensation platform, which can integrate with existing human resource management systems, allows line managers to make pay decisions, aligning individual and business performance with compensation data history, and internal and external benchmarks.Ita key ...
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Article
Axa research: UK staff among highest retirement savers in Europe
UK employees are among the highest retirement savers in Europe, according to Axa’s bi-annual Retirement Scope survey.They rank just ahead of neighbours in Germany (48%), Italy (47%) and Spain (41%), although many respondents will experience a substantial drop in income at retirement due to lower levels of state benefit in ...
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BT cuts pension deficit by £2.9bn after switching inflation measure
BT has reduced its pension deficit by £2.9 billion by applying the government’s decision that the consumer prices index (CPI) rather than retail prices index (RPI) will be used as the basis for determining the rate of inflation for the statutory revaluation and indexation of occupational pension rights.Following a detailed ...
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Value of shares held by benefits managers rise
The recovering economic climate means the value of the shares or options held by reward and benefits managers has risen, according to the Employee Benefits Salary Survey 2010.In the 2009 survey, just 4% of respondents held options or share worth more than £50,000. in 2010 15% do so.In addition, in ...
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Article
Domino's Pizza in Japan offers $31,030-an-hour job
No doubt many employees working in fast-food chains will believe their wages in no way compensate for the grease-infused toil, the corporate uniform and drunken antics of some late-night customers.While many fast-food chains have taken significant steps to shift this image and create better working conditions for staff, Domino’s Pizza ...