All Employee Benefits articles in Web Issue – Page 713
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ArticleBuyer's guide to group income protection 2014
The factsWhat is group income protection (GIP)?GIP pays a regular monthly benefit if an employee is unable to work because of long-term illness or injury. Benefits are payable until the employee returns to work or, if earlier, state pension age. Fixed-benefit term policies are also available, typically for periods of ...
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ArticleBuyer's guide to computer salary sacrifice schemes 2014
The factsWhat is a computer salary sacrifice scheme? The benefit, usually offered via a flexible or voluntary benefits scheme, enables employees to pay for a computer, laptop or tablet out of their gross pay, resulting in tax and NI savings for the employee and NI savings for the employer. However, ...
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ArticleFuel duty to be frozen until 2015
Budget 2014: The government has confirmed fuel duty will remain frozen until spring 2015.Chancellor George Osbourne cancelled the fuel duty increase planned for September in his 2014 Budget. This was previously announced in the Autumn Statement.It means employees with company cars will save £11 every time they fill up their ...
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ArticleCompany car tax rates to increase from 2017
Budget 2014: The government has increased the company car tax rates by two percentage points.In tax year 2017-18 and 2018-19 the appropriate percentage of list price, subject to tax, will increase by two percentage points (to a maximum of 37%) for cars emitting more than 75g of carbon dioxide per ...
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Article70% lack confidence in staff absence data
One in seven (70%) of respondents are not confident about the accuracy of their employee absence data, according to research by Aon HewittIts Employee Benefits and trends survey, which questioned more than 340 benefits and HR professionals, found that 6% of respondents reported ‘low’ confidence in the system or method ...
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Article73% of EMEA employers communicate benefits to staff
Just under three-quarters (73%) of respondents in Europe, the Middle East and Africa (EMEA) actively communicate with staff about their compensation and benefits packages, according to research by Aon Hewitt.Its 2014 EMEA Employee benefits communication survey, which questioned 590 organisations across 19 countries in EMEA, including 146 UK employers, found ...
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ArticleABI sets out changes for annuities market
The Association of British Insurers (ABI) has announced a plan to ensure people get more help to achieve better outcomes when they turn their pension savings into a retirement income.The plan, which acts on challenges set out in a report from the Financial Conduct Authority on annuities, will be implemented ...
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AnalysisHow to educate staff about at-retirement choices
If you read nothing else, read this…At-retirement education programmes should focus on employees’ desired lifestyle when they stop work.Employers should also consider employees who may want to work longer.Competent pensions managers can offer cost-effective financial education programmes in-house.Employers should first focus on educating employees about the lifestyle changes they are ...
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AnalysisAll employers need to know about car salary sacrifice schemes
If you read nothing else, read this…Salary sacrifice car schemes are typically low-cost or cost-free for an employer to introduce.Low-emission cars are popular in schemes because of available tax breaks.Employers can put buffers in place to protect themselves from early termination fees and long-term absence of scheme members.Knowing how to ...
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AnalysisKey messages for staff about car salary sacrifice schemes
If you read nothing else, read this…Employers should tell staff about potential savings on income tax and national insurance.Employees need to know that company car tax bands will change every year until 2016-17, which could affect a scheme’s cost.Employees may incur early termination costs if they leave the scheme or ...
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ArticleEmployers see absence rates improve
More than a third (34%) of respondents have seen absence rates improve over the past 12 months, according to research by industry body Group Risk Development (Grid).Its research, which surveyed 500 UK employers, found that only 16% of respondents have seen their absence rates worsen in the past 12 months.It ...
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ArticleStaffordshire council reduces absence
Staffordshire County Council has reduced its absence levels. after introducing a range of initiatives aimed at lowering staff sickness levels.Its latest Achieving excellence quarterly performance report showed that since December 2013, the average number of days lost through sicknesshas falled to 7.06 days per employee. Prior to December, this stood ...
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Article
DOD’s blog: Does your CSR strategy take into account staff needs?
A couple of weeks ago I went to a talk at the business forum Initiatives of Change UK on Business in the new world economy.While I found some of the ideas discussed pretty ‘out there’, there was was plenty to challenge the audience to think differently unless we want businesses ...
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Article
Santander streamlines pensions admin
Santander UK has streamlined its pension administration services for around 100,000 employees across its UK trust-based defined contribution (DC) and defined benefit (DB) pension schemes.The bank previously used a number of different administrators for its pension schemes, but has now appointed JLT to administer all its UK schemes.Active, deferred and ...
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ArticleAdvisers respond to global benefits trend
Employee benefits advisers are responding to the growing trend among employers, particularly small and medium-sized enterprises (SMEs), of pooling benefits to achieve global cost efficiencies. For example, Willis Group restructured its global benefits in January, combining its existing employee benefits and related consultancy practices. It did this to develop and ...
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ArticlePersonal allowance increase could impact auto-enrolment eligibility
The increase in the personal allowance to £10,500 a year could mean fewer employees are automatically enrolled into a workplace pension scheme.The increase, announced in the Budget 2014 by Chancellor George Osborne, will take effect from April 2015.Consequently, the average basic-rate taxpayer will pay £805 less income tax per year ...
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ArticleCompulsory pensions annuitisation scrapped
Employees will no longer have to purchase an annuity to convert their pension pot into retirement income, under new measures announced by Chancellor George Osborne in the 2014 Budget.From April 2015, DC members will have the choice of taking their pension wealth as a lump sum, drawdown, or an annuity.In ...
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AnalysisKey issues around fleet salary sacrifice schemes
Estimates for the number of cars covered by salary sacrifice schemes vary, but a realistic figure would be 50,000-75,000, and this figure is expected to grow in coming years.The number of providers has also increased significantly and recent focus has been on the ‘employee experience’. Many suppliers are concentrating on ...
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OpinionNicola Kerr: Delay to extension of flexible-working arrangements
This legislation will give employees the statutory right to request a contract variation for flexible-working arrangements, and will require employers to consider the request in a reasonable manner.However, the right to request does not create a right to flexible working.As part of its strategy to create a modern workplace for ...
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Article
Shared parental leave receives royal assent
The government’s Children and Families Act, which includes legislation for shared parental leave, has received royal assent.The act includes:From April 2015, mothers, fathers and adopters will be able to share parental leave around their child’s birth or placement.From 1 October 2014, prospective fathers or a mother’s partner will be able ...