Employee Benefits

MARCH 6, 2024

As announced in The Spring Budget, National Insurance (NI) is reducing from 10% to 8% from April 2024. a year in NI contributions and be able to pay an additional 1.03% of their salary into their workplace pension at no additional cost to them. because of the tax and NI saving. A person earning £20,000pa will save £148.60

Pension 98

Pension Insurance Salary Taxes 98

Employee Benefits

DECEMBER 20, 2023

It is important that those retiring in 2024 understand their options, make informed decisions, and avoid making mistakes with their hard-earned savings. To help, WEALTH at work, has created a list of top tips for employees who are thinking about retiring in 2024.

Pension 52

Pension Taxes Retirement Plan Education 52

Employee Benefits

DECEMBER 19, 2023

Outgoings can then be divided into fixed costs which have to be paid such as mortgage, rent, council tax, energy and water, and then those which you may be able to cut back on such as supermarket shopping, monthly contracts for TV, subscriptions and other spending. Some banks have apps which enable this to be done automatically.

Finance 104

Finance Banking Pension Insurance 104

Employee Benefits

MAY 13, 2024

Flexible benefits popularity Employee engagement with flexible benefits schemes remains high and these are still integral to benefits strategies, says Matthew Gregson, executive director of Howden Employee Benefits and Wellbeing. Poor benefits technology can negatively affect engagement ,” says Russell. “An

Benefits Package 116

Benefits Package Taxes Insurance Medical 116

Employee Benefits

NOVEMBER 22, 2023

Class 1 national insurance contributions (NICs) will be cut to 10% from 6 January 2024. Currently, employees pay 12% NICs on earnings above £12,570, and 2% on earnings above £50,270. From next year, employees will pay 10% and 2% respectively.

Insurance 59

Insurance Pension Taxes Salary 59

Employee Benefits

JANUARY 24, 2024

Crypto currency is subject to income tax when an employee receives it but could also incur a capital gains tax charge if they hold it for more than 30 days. It’s being used more for incentive schemes than to replace salary or bonuses,” she explains. appeared first on Employee Benefits.

Global Payroll 105

Global Payroll Employment Taxes Pension 105

Employee Benefits

FEBRUARY 5, 2024

Credit: muk woothimanop/Shutterstock Need to know: Green electric vehicle (EV) salary sacrifice arrangements are growing in popularity. As well as tax savings, EVs can be cheaper to run and maintain, with used cars also a cost-effective option.

Management 91

Management Taxes Salary Engineering 91

Employee Benefits

APRIL 22, 2024

The frozen tax thresholds could see some employees ‘dragged’ into paying more tax and have less disposable income as a result. Employers should ask employees about their financial pressures to understand how to support them. This could add further strain to employees.

Employment 59

Employment Taxes Finance Net Pay 59

Employee Benefits

FEBRUARY 2, 2024

National Insurance (NI) is reducing from 12% to 10% from January 2024. a year in NI contributions and be able to pay additional 1.06% of their salary into their workplace pension at no additional cost to them. because of the tax and national insurance saving. A person earning £20,000pa will save £148.60

Pension 52

Pension Insurance Salary Taxes 52

Employee Benefits

JUNE 20, 2023

Modern company car schemes can offer a tax-efficient means to access new vehicles. Car salary sacrifice arrangements are popular with employees due to the low cost and access to low and zero-emission vehicles. year-on-year increase in company cars funded through salary sacrifice to quarter three in 2022.

Salary 105

Salary Transportation Taxes Work From Home 105

Vantage Circle

JANUARY 9, 2024

Quick Summary This blog lists the Top 15 HCM Software Platforms after a rigorous review of the top-performing HCMs in the HR space in 2024. Career Development : Supports employees in identifying career paths and facilitates training and development opportunities.

Software 65

Software Payroll Global Payroll Human Resources 65

Insperity

OCTOBER 10, 2023

This enables workers to pay taxes up front on the funds they contribute, and then grow and withdraw these larger funds at a later date tax free. Starting in 2024, employees’ annual contribution limits to some SIMPLE 401(k)s or IRAs will rise. It’s important to note that these are tax credits, not deductions.

401(k) 108

401(k) Retirement Plan Taxes Benefits Package 108

Employee Benefits

FEBRUARY 26, 2024

High employee turnover rates are a financial risk, and during this blog, we’ll explore all the elements to consider when creating a long-term employee retention strategy. Are you at high risk of high employee turnover? We interviewed over 1,000 UK employees and found that almost half would be looking for a new role in 2024.

Employee Retention 111

Employee Retention Bonuses Recruitment Taxes 111

Employee Benefits

FEBRUARY 7, 2024

The organisation implemented the change because Lyft drivers last year earned, on average, 88% of customer payments after local taxes and the government-mandated extra insurance provided. The post Lyft rolls out new pay standard for drivers appeared first on Employee Benefits.

Parental Leave 59

Parental Leave Medical Health Insurance 59

InterWest Insurance Services

NOVEMBER 25, 2022

You’ll want to make note of the changes when discussing your employee benefits during annual open enrollment. HSAs allow your staff to set aside a portion of their pre-tax earnings into an account they can tap later to reimburse for qualified medical expenses, including copays, coinsurance, deductibles and medications.

401(k) 88

401(k) Deductions Deductible Flexible Spending Account 88

Employee Benefits

MAY 6, 2024

Credit: Achira22/Shutterstock What are off-the-shelf voluntary benefits packages? Voluntary benefits are additional benefits that employers can offer to their employees alongside their salary. They can then use that information to improve their benefits offering in the future.

Voluntary Benefits 59

Voluntary Benefits Benefits Package Net Pay Retail 59

Employee Benefits

JANUARY 31, 2024

Financial wellbeing support can be tailored to match an employer’s budget and employees’ needs. Close Brothers Asset Management’s January 2024 report Spotlight on UK financial wellbeing found that only half of UK employers have a financial wellbeing strategy for their employees, despite the continuing cost-of-living crisis.

Pension 64

Pension Finance Education Taxes 64

Employee Benefits

MARCH 6, 2024

Recent trends in pay suggest that both employers and employees are struggling to make ends meet. Analysis by the Living Wage Foundation, Employee jobs paid below the real living wage 2023, published in February 2024, found that 3.7 in London), employees aged 21 plus will, from 1 April 2024, receive £11.44

Bonuses 64

Bonuses Life Insurance Insurance Payroll 64

Benefits Notes

DECEMBER 28, 2022

For plan years after December 31, 2024, the catch-up contribution limitation is increased to the greater of $10,000 or 50% of the regular catch-up contribution amount for individuals who have attained ages 60, 61, 62, and 63. Effective January 1, 2024, the Act increases the cash-out limit for involuntary distributions from $5,000 to $7,000.

401(k) 52

401(k) Retirement Plan Taxes Salary 52

AssuredPartners

OCTOBER 18, 2022

2022-38 the annual inflation adjustments for the 2023 tax year. For cafeteria plans that allow for the carryover of unused amounts, the maximum carryover amount is now permitted to increase by $40, now capped at $610 (for 2023 rollovers into 2024 plans). On October 18, 2022, the IRS announced in Rev. Health Plan Limits.

Healthcare 52

Healthcare Flexible Spending Account Health Savings Account Flexible Spending 52

Employee Benefits

MARCH 6, 2024

Employers may consider offering staff membership of an income protection scheme that will cover their salary for a longer period. This should all be done with medical input from an employee’s GP or occupational health. This can lead to a bereaved parent returning to work before they are ready.

Family and Medical Leave Act 59

Family and Medical Leave Act Employment IT Pension 59

HR Digest

SEPTEMBER 11, 2023

Paid family leave benefit amount: Approximately 60-70% of the employee’s weekly salary. Colorado Colorado’s upcoming paid family leave program requires employers to start withholding and remitting employee and employer contributions in 2023. Employees can access paid family and medical leave benefits starting in 2024.

Family and Medical Leave Act 86

Family and Medical Leave Act Paid Sick Leave Paid Leave Parental Leave 86

Employee Benefits

DECEMBER 14, 2022

Due to increased demand from their workforces, employers have this year implemented many financial wellbeing support mechanisms, such as pay increases, one-off bonus payments, educational seminars or webinars around budgeting, financial planning, and mortgage advice, discount platforms, loans, salary advance and alternative savings vehicles.

Pension 64

Pension Parental Leave Healthcare Government 64