PeopleKeep

DECEMBER 11, 2023

Starting in 2024, Indiana employers will have a new tax credit available if they decide to offer their employees a health reimbursement arrangement (HRA) instead of group health insurance. This will allow small businesses and nonprofits to offer affordable and personalized health benefits in The Hoosier State.

Taxes 93

Taxes Employment Health Insurance Insurance 93

Employee Benefits

MARCH 20, 2024

Neurodiversity Celebration Week 2024 this year takes place on 18-24 March. The February 2024 Chartered Institute of Personnel and Development Neuroinclusion at work report revealed that while neuroinclusion was a focus for 60% of surveyed employers, it was only in the business strategy of 33%.

Employment 102

Employment Employee Benefits Management Taxes 102

HR Lineup

FEBRUARY 5, 2024

Any business requires the best payroll software 2024 to manage its employees’ payroll. The software should be very effective to manage taxes and employee benefits. It should also ensure that employees receive accurate information concerning their wages/salaries or any other deductions.

Payroll Software 52

Payroll Software Payroll Software Online Payroll 52

Enjoy Benefits

FEBRUARY 18, 2024

Over the next two months, we’re highlighting eight key developments shaping the business environment in 2024, as featured in this Forbes article: The 10 Biggest Business Trends for 2024. Check back next month when we’ll be looking at employees and the workplace. Read: Why employee benefits are great for business.

Voluntary Benefits 52

Voluntary Benefits Technology Salary Finance 52

Employee Benefits

JANUARY 17, 2024

In light of that, 2024 will likely see renewed focus on the need to support women’s health in respect of menstruation, menopause and fertility. As such, we should anticipate that 2024 will see more employers choosing to draft menopause policies on a voluntary basis. appeared first on Employee Benefits.

Government 111

Government Medical Recruitment Employment 111

Employee Benefits

MARCH 6, 2024

Chancellor of the Exchequer Jeremy Hunt will deliver his Spring Budget 2024 speech at 12.30pm on Wednesday 6 March 2024. Stay tuned to the Employee Benefits website for all the latest updates on how the Spring Budget could impact pay, pensions and benefits for employers and staff.

Pension 59

Pension Insurance Employee Benefits Employment 59

Employee Benefits

FEBRUARY 14, 2024

The post Kerry Hudson: Change in flexible-working arrangements for 2024 appeared first on Employee Benefits. Any new agreement should be formalised in writing, such as drawing up a new contract of employment outlining the varied terms and signed by both parties.

Consulting 110

Consulting Payroll Salary Recruitment 110

Employee Benefits

MAY 10, 2024

Many companies in the UK operate a Save As You Earn (SAYE) share plan, which offers employees a tax efficient way to invest in their company’s shares. However, without expert guidance, many participants may not understand their options once their share plan matures and could be at risk of paying unnecessary tax.

Taxes 52

Taxes Education Employee Benefits IT 52

Employee Benefits

NOVEMBER 22, 2023

from April 2024. Deep-rooted reforms that consider the interaction of pension savings, tax, and other benefits including care are needed.” increase on the horizon for April 2024. from April 2024 appeared first on Employee Benefits. The state pension will increase by 8.5%

Pension 59

Pension Taxes Government Employee Benefits 59

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. In 2022 Which?

Pension 52

Pension Taxes Retirement Plan Education 52

Employee Benefits

OCTOBER 3, 2023

Chancellor of the Exchequer Jeremy Hunt has announced that the national living wage will increase to at least £11 per hour from April 2024. The increase will mean that the annual earnings of a full-time employee aged 23 and above will increase by more than £1,000 next year.

Commissions 105

Commissions Food Government Employee Benefits 105

Employee Benefits

FEBRUARY 21, 2024

The new year has already brought some welcome news for employees, with the cut in employee national insurance contributions (NICs) from 12% to 10%. As of 6 January 2024, the cut means that all employees who currently pay NIC will benefit. Many low earners will find themselves paying tax and NICs for the first time.

Insurance 108

Insurance Employment Taxes Salary 108

CorpStrat

JANUARY 22, 2024

As we settle into 2024, many teams have recently renewed their Employee Benefits plans. It’s the perfect time to take a closer look and remind your employees about the fantastic, often underutilized benefits these plans offer. Communicating these benefits effectively is equally important as providing them.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Flexible Spending 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

Empuls

FEBRUARY 26, 2024

  Workplace dynamics are constantly evolving, the year 2024 promises a revolutionary shift in how organizations approach employee experience. From well-being to flexibility, continuous learning to personalized perks, let's understand the game-changing employee benefits trends that will take lead in the near future.

Employee Benefits 40

Employee Benefits Financial Counseling Healthcare Retirement Plan 40

InterWest Insurance Services

JUNE 8, 2023

for 2024, the largest increase ever, brought to you by inflation. Under its rules, HSAs, which help employees save for medical expenses, are only available to those enrolled in qualified HDHPs. Under its rules, HSAs, which help employees save for medical expenses, are only available to those enrolled in qualified HDHPs.

Deductions 52

Deductions Deductible Health Savings Account Medical 52

Employee Benefits

NOVEMBER 23, 2023

A number of key announcements were made that will affect pay , pensions and benefits. appeared first on Employee Benefits. Autumn Statement: Government announces plans to offer pension pot for life Autumn Statement: State pension to increase by 8.5%

Pension 59

Pension Employee Benefits Government Consulting 59

Employee Benefits

MARCH 8, 2023

With the end of tax year looming, employees must act fast to make the most of their £20,000 ISA allowance before the deadline of 5 April. After all, the exemption is a ‘use it or lose it’ allowance; in other words, you cannot carry forward unused allowances from previous tax years. Yet all dividend income is tax-free in an ISA.

Taxes 52

Taxes Education Employee Benefits IT 52

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 105

Benefits Package Taxes Insurance Medical 105

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

MARCH 6, 2024

As announced in The Spring Budget, National Insurance (NI) is reducing from 10% to 8% from April 2024. because of the tax and NI saving. Some employers match additional contributions made by employees, making additional contributions even more valuable for any employee in this position. 0.45% £67.50 £20,000 £12.38 £148.60

Pension 98

Pension Insurance Salary Taxes 98

Employee Benefits

FEBRUARY 27, 2024

With the end of the tax year fast approaching, there is still time for individuals to take full advantage of their £20,000 ISA allowance. This makes it more important than ever to ensure that any savings that people can make, are as tax efficient as possible. The ISA allowance for 2023/24, which ends on 5th April 2024 is £20,000.

Taxes 52

Taxes Pension Payroll Employee Benefits 52

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. Forward-thinking businesses are already seeing it as a potential differentiator when attracting and retaining employees.” appeared first on Employee Benefits.

Global Payroll 105

Global Payroll Employment Taxes Pension 105

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) 109

401(k) Retirement Plan Taxes Benefits Package 109

Employee Benefits

MARCH 4, 2024

Employers will need to review policies for employees who previously opted out of the pension scheme because they may have been close to the lifetime allowance. Two new limits will be introduced in April to control tax relief on pension lump sums. Some employers offered a cash benefit instead of a pension contribution.

Pension 59

Pension Pension Benefit Employment Taxes 59

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 5, 2024

As well as tax savings, EVs can be cheaper to run and maintain, with used cars also a cost-effective option. Employees need to understand how benefit-in-kind (BIK) rates differ for both EV and internal combustion engine (Ice) cars. Here are some top tips on how employers can help employees better manage their company car costs.

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

Proskauer's Employee Benefits & Executive Compensa

JANUARY 31, 2023

The Consolidated Appropriations Act of 2023 (“CAA 2023”), signed into law on December 29, introduced sweeping reforms to the employee benefits landscape. Any amounts contributed while a participant is ineligible must be included in the participant’s taxable income and are subject to an additional 10% excise tax.

Deductions 98

Deductions Deductible Health Savings Account Retirement Plan 98

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 23, 2022

s enactment, with limited exceptions for small businesses and new employers ( effective for plans established after enactment, with automatic enrollment provisions required for plan years beginning after December 31, 2024 ). Appearing to recognize the operational burdens often placed on retirement plan sponsors, SECURE 2.0

401(k) 108

401(k) Retirement Plan Taxes Finance 108

McNees

AUGUST 28, 2023

included a requirement that starting January 1, 2024, only participants who earn $145,000 or less (as adjusted) in the previous year may make pre-tax contributions. For more information on these changes and other employee benefit law changes, contact a member of our Employee Benefits Group.

401(k) 52

401(k) Taxes Employee Benefits 52

Employee Benefits

DECEMBER 13, 2023

Firms may, therefore, tread carefully and implement changes from the 2024 performance year. If so, the 2024 bonus rounds based on performance in 2023 will still adhere to the 2:1 ratio. Environmental, social and corporate governance (ESG) is likely to be part of any business strategy.

Bonuses 105

Bonuses Banking Consulting Government 105

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) 98

401(k) Deductions Deductible Flexible Spending Account 98

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

Employee Benefits

FEBRUARY 2, 2024

National Insurance (NI) is reducing from 12% to 10% from January 2024. because of the tax and national insurance saving. Some employers match additional contributions made by employees, making additional contributions even more valuable for any employee in this position. A person earning £20,000pa will save £148.60

Pension 52

Pension Insurance Salary Taxes 52

Employee Benefits

MAY 6, 2024

They can then use that information to improve their benefits offering in the future. Are there any tax or legal issues? Lifestyle savings and shopping discounts are often a mainstay of off-the-shelf benefits packages because they do not attract any additional tax.

Voluntary Benefits 59

Voluntary Benefits Benefits Package Net Pay Retail 59

Benefits Notes

AUGUST 29, 2023

Act of 2022 (“SECURE 2.0”) required that effective as of January 1, 2024 , participants in 401(k) plans, 403(b) plans, or governmental 457(b) plans, who were age 50 or older and whose Social Security wages for the previous year exceed $145,000 (indexed), only be permitted to make catch-up contributions under such plans on a Roth (after-tax) basis.

401(k) 52

401(k) Retirement Plan Executive Compensation Taxes 52