All Employee Benefits articles in Web Issue – Page 531
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Article
FTSE 100 pension debt doubles
The total deficit of FTSE 100 defined benefit (DB) pension schemes has more than doubled in a year, according to research by consultancy JLT Pension Capital Strategies.The research found that the estimated figure for the total debt is £73 billion at 31 March 2012, up £38 billion from 12 months ...
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Article
HMRC publishes consultation on tax avoidance schemes
HM Revenue and Customs (HMRC) has published a consultation on improving the information available about tax avoidance schemes and the risks of using them.The consultation includes proposals to revise and extend the Disclosure of Tax Avoidance Schemes (Dotas) hallmarks (the descriptions of schemes required to be disclosed for income tax, ...
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Article
Kay report calls for realignment of executive remuneration
A report commissioned by the government has proposed to realign company incentives by better relating directors’ remuneration to long-term sustainable business performance.The report, UK equity markets and long-term decision making, has also proposed that long-term performance incentives should be provided only in the form of company shares, to be held ...
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Article
Amazon offers US staff education funding
Amazon has launched a programme that offers its US warehouse workers funding for educational courses.The online retailer will pay up to 95% of the tuition, textbook and associated fees, up to $2,000 per year for four years, for courses from accredited schools, which will lead to technical and vocational certificates ...
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Article
Low Pay Commission launches consultation on accommodation offset as part of review
The Low Pay Commission has launched a public consultation on the accommodation offset, the only benefit-in-kind that can count towards payment of the national minimum wage.The benefit, which is currently set at a daily limit of £4.73 (£33.11 a week) and is designed to act as a protective measure, to ...
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Article
Early start to retirement saving is best
The majority (89%) of respondents said starting to save for retirement under the age of 25 is advisable, according to research by Friends Life.The research, which surveyed 160 of the pension provider’s corporate pension scheme members, also found that 49% of respondents began paying into their pension before the age ...
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Article
London Fire Brigade relaunches bikes-for-work scheme
EXCLUSIVE: London Fire Brigade has relaunched its bikes-for-work scheme with a series of roadshows throughout July.The scheme is available to more than 6,000 firefighters and support staff in London.More than 2,700 bikes have been purchased since the scheme was launched with provider Cycle Solutions in 2008.The contract also allows other ...
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Article
Pitmans Trustees launches pensions governance committee training initiative
Pitmans Trustees has launched a governance committee training initiative for newly-formed and existing defined contribution (DC) governance committees.The independent trustee firm’s training includes:Information on the background on the necessity for governance committees.The structure of a committee.The roles and responsibilities of committee members.The terms of reference and responsibilities specific to a ...
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Article
Court of Appeal rules on holiday entitlement during long-term sick leave
The Court of Appeal has ruled that an NHS Leeds’ employee is still entitled to paid annual holidays, despite being off sick for the whole of that year.The court ruled that NHS Leeds’ clerical worker Janet Larner is entitled to her paid leave for the year 2009/10, even though she ...
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Article
A quarter of private sector staff are in workplace pensions
Only a quarter (26%) of private sector employees are active members of their employers’ pension scheme in the UK, according to research by the Department for Work and Pensions (DWP).The research, Employers’ pension provision survey 2011, also found that only 31% of private sector organisations currently offer pension provision for ...
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Article
BASF, Crest Nicholson and Merck awarded Pension Quality Mark
Chemical company BASF, housebuilding firm Crest Nicholson and pharmaceutical firm Merck are the latest employers to be awarded the Pension Quality Mark (PQM) for their workplace pension schemes.The PQM, which was launched by the National Association of Pension Funds (NAPF) in 2009, recognises employers that offer pension schemes with good ...
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Article
Virgin cabin crew told to mind their Ps,Qs and mates
Virgin’s Australian cabin crew will undergo etiquette classes to improve the airline’s chances of competing for business passengers.While most employers will offer information technology (IT) training or team-building exercises, Virgin is more concerned about the etiquette of its Australian staff.Classes will include wine appreciation and guides to body language, according ...
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Article
Employee Benefits Pensions and Workplace Savings Research 2012: Attitudes
Many employers have a long history of taking responsibility for the long-term financial wellbeing of their staff . Twelve years ago, 68% of respondents to the Employee Benefits Pensions strategy research 2000 told us this was the case in their organisation. This figure has remained consistently high over the past ...
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Article
Employee Benefits Pensions and Workplace Savings Research 2012: Auto-enrolment
After many years in the pipeline, the Pensions Act 2008 will finally begin to take effect from October this year. For some organisations, compliance is already a reality, with some having opted to bring their staging date forward to last month. The legislation will introduce compulsory minimum employer and employee ...
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Article
Employee Benefit Pensions and Workplace Savings Research 2012: Key Findings
Our survey, which was carried out in June 2012 among readers of Employee Benefits magazine and users of www.employeebenefits.co.uk, received 206 responsesKEY FINDINGS85% will use their existing pension scheme for implementing the auto-enrolment reforms.75% know how much auto-enrolment will cost, with 32% saying it will increase costs by 1-9%.34% will ...
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Analysis
What employers should know about workplace stress
If you read nothing else, read this… The Health and Safety Executive defines stress as “the adverse reaction people have to excessive pressures or other types of demand placed on them at work”. Symptoms of stress include inability to concentrate, memory lapses, negative thinking, panic attacks and tearfulness. Employers with ...
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Analysis
How to add value without cost to the benefits package
If you read nothing else, read this… Employers can use a range of low-cost or zero-cost benefits to enhance the value of their employee benefits package. Many product providers bundle value-added services into their standard offering, such as employee assistance programmes (EAPs) with group income protection products. Discounts on everyday ...
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Case Studies
Allianz ensures awareness of staff wellbeing needs
Allianz manages employee stress through a comprehensive wellbeing programme that was launched in 2007 to engage its staff and boost morale. Some 58 wellbeing champions across the insurer’s 24 UK sites are tasked, on a voluntary basis, to devise events based on the company’s quarterly themes.This year’s themes include improving ...
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Case Studies
FirstGroup up to speed with auto-enrolment hub
Transport operator FirstGroup will ensure its compliance with the reforms by introducing an auto-enrolment hub that will sit between its pension provision, payroll system, reward portal and communication processes.The firm conducted a beauty parade of potential providers in June and planned to make an appointment last month, ahead of its ...
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Analysis
Beware penalties for pensions auto-enrolment non-compliance
If you read nothing else, read this… Employers must refer to pensions in an employee’s contract of employment, but those that provide too much detail could run into difficulties if they want to make changes in the future. Employers cannot provide staff with opt-out forms if they want to leave ...