All Employee Benefits articles in Web Issue – Page 505
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Federation of European Employers launches pay benchmarking app
The Federation of European Employers has introduced a pay benchmarking app called Jobsworth.The app, which can be downloaded to any iPhone, covers pay markets in 47 different countries across Europe. Its Lite version just covers the UK and Ireland.The application measures gross hourly pay so that it can be converted ...
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One-third of FTSE 100 companies offer only DC schemes to all staff
One-third of FTSE 100 companies now offer only defined contribution (DC) pension schemes to all employees, according to research by Towers Watson.The annual Towers Watson FTSE 100 Defined contribution pension scheme 2012 survey, which is based on 97 companies in the FTSE 100 index, found that, since the 2010 survey, ...
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CSC adds second enrolment window to flexible benefits plan
CSC has added a second enrolment window to its flexible benefits scheme to encourage its 7,500 UK employees to take advantage of its financial benefits.The scheme, which has been in place for 10 years, has take-up levels at nearly 80%, but the IT firm wanted to highlight benefits such as ...
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Unum launches Facebook app
Unum has launched a Facebook application, which enables employees to calculate how much their benefits package is worth.The Perkulator app, which is hosted on Unum’s Facebook page, asks the user to input their salary and bonuses, and choose ‘yes’ or ‘no’ against a variety of benefits.Using average values for each ...
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Average funding level of university pension schemes improves
The average funding level of university pension schemes on the UK standard accounting basis, FRS17, has improved significantly over the year to 31 July 2011, according to research by Barnett Waddingham.The actuarial firm’s third annual University self-administered trusts (SATs) survey, which focuses on the impact of final salary pension schemes ...
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MGM Advantage offers staff the chance to attempt world record for charity
MGM Advantage is offering staff the chance to break a Guinness World Record by attempting the most sky dive tandem jumps in one day, in aid of the Alzheimer’s Society.The current world record is 130 tandem jumps. The retirement income specialist is looking to beat that by getting 180 people ...
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Starting salaries for graduates to decline in real terms this year
Starting salaries for graduates are projected to decline in real terms this year, falling to the lowest levels since 2003, according to research by Incomes Data Services (IDS).Its report, Pay and progression for graduates 2012, found that the median starting salary for graduates will be £25,000 this year, which is ...
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Nest Corporation appoints Royal London to provide fund management
The Nest Corporation has appointed Royal London Asset Management to provide an actively-managed sterling corporate bond fund mandate.The mandate will be one of the underlying building blocks for the National employment savings trust's (Nest) retirement date funds and pre-retirement fund. It is not a standalone fund choice.Mark Fawcett, chief investment ...
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Less than half of employees are given workstation risk assessments
Less than half (45%) of employees are given a workstation risk assessment by their employers, according to research commissioned by office specialists Fellowes.The research, which interviewed 1,000 employees across the UK, found that one in five respondents had no help or support from their employer in relation to creating a ...
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Two-thirds of respondents think RTI phase-in for payroll should be delayed
Two-thirds (64%) of respondents believe that HM Revenue and Customs (HMRC) should phase in the real-time information (RTI) programme over a longer period of time, instead of seeking 100% compliance by April 2013, according to research by NorthgateArinso.RTI will require payrolls to run reports for HMRC weekly or monthly instead ...
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Tube Lines' staff vote to strike in dispute over pensions and travel perks
Tube Lines staff have voted to strike for 72 hours in a dispute over their pension scheme and travel concessions.Members of the National Union of Rail, Maritime and Transport Workers (RMT) will strike from 4pm on Tuesday 24 April and return to work from 4pm on Friday 27 April.Tube Lines, ...
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Pensions and holiday are top benefits for job applicants
Pension provision and holiday entitlement were ranked as the top benefits considered by individuals when applying for a new job, according to research by MetLife Assurance.The 1DB Legacy research, which surveyed 765 employees, found that, where respondents were offered defined benefit (DB) pension schemes, over half (53%) said pension provision ...
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NHS staff to strike over pension changes
NHS employees are to stage protests and industrial action on 10 May over changes to their pension schemes.The majority of members of the Public and Commercial Services (PCS) union and Unite, which include health visitors, pharmacists and paramedics, voted in favour of industrial action.Concerns regarding the NHS pension scheme changes ...
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Ink to introduce performance-based incentive scheme for global sales staff
Inflight media firm Ink is to introduce an incentive scheme for its global sales staff that will guarantee commissions based on key performance indicators (KPIs) rather than traditional revenue and sales targets.The scheme will address the behaviours that lie beneath each sale rather than just rewarding the end result. Employees ...
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FirstGroup rolls out virtual roadshows to help employees understand pension changes
FirstGroup has rolled out virtual roadshows to help its 10,000 UK employees understand the changes to the pension scheme.Employee Benefits first broke the news in October 2011 that the transport giant was complying with the 2012 pension reforms by using both its defined benefit (DB) pension scheme and a new ...
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A third of UK respondents ranked benefits as key reason to stay with employer
Just over one-third (36%) of UK respondents ranked the benefits package as the key reason for staying with their employer, according to research by Mercer.The What’s working survey found that one-third of all European respondents, which includes France, Germany, Ireland, Italy, The Netherlands, Spain and the UK, are considering leaving ...
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BMI pension scheme members face changes to benefits
Some members of British Midland Airways’, commonly known as BMI, defined benefit (DB) pension scheme could see cuts to their benefits after parent airline Lufthansa sells it to the International Airlines Group this week.The trustees of the British Midland Airways' pensions and life assurance scheme and Lufthansa have reached an ...
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Evans Cycles to roll out summer promotion for bikes-for-work scheme
Evans Cycles is launching a summer promotion for employees participating in its bikes-for-work scheme, Ride2Work.The promotion, from 1 May to 31 August, will award every employee participating in the scheme £25-worth of free cycling accessories when purchasing their new bike.Employers offering the scheme will also be entered into a weekly ...
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Tesco’s pension deficit rises to £1.4 million
Tesco’s net pension deficit has increased from £992 million to £1,406 million, according to its annual report.The grocery retailer reported that the increase in its defined benefit (DB) pension scheme’s deficit is largely due to a reduction in bond yields and asset returns being lower than expected.It made a one-off ...
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Paradigm Pensions launches online employee benefits marketplace
Paradigm Pensions has launched an online marketplace, designed for employee benefit providers to showcase their products and services free of charge.The marketplace is available through Jargon Free Benefits, the online pension compliance and flexible benefits system developed by Paradigm Pensions founder Steve Bee.Bee said: “I set up Paradigm Pensions with ...