Employee Benefits

SEPTEMBER 20, 2023

Yet, many businesses might be inadvertently losing money because they lack a competitive pension package. Therefore a business with a team of 100 could pocket savings of up to £65,000 annually with a strategic pension plan. By presenting a more enticing pension proposal, firms can foster greater employee loyalty.

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Money Talk

FEBRUARY 1, 2024

Many people think you need to earn a high salary (e.g., Education Matters- One study found that 88% of millionaires graduated from college and 52% have a master’s, doctoral, or professional degree. One reason is that average salaries rise with higher levels of education. 100,000+) to become a millionaire.

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Employee Benefits

FEBRUARY 16, 2022

Women need to be aware of the impact of career breaks and part-time working on their pensions, and how they may be able to mitigate the impact. Here are some practical tips for employers on how they can reduce the gender pensions gap. Find the root causes of the gap. Address contribution levels.

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Employee Benefits

MAY 10, 2023

Fashion brand Stella McCartney and law firm Herbert Smith Freehills are among those employers on the shortlist for Best pensions strategy at the Employee Benefits Awards 2023. The aim was to instil positive savings habits and educate younger employees about employee benefits, long-term savings, and financial resilience.

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Employee Benefits

APRIL 22, 2024

Employers should ask employees about their financial pressures to understand how to support them. A salary sacrifice arrangement can support employees who are dealing with the impact of fiscal drag. In order to combat this, how can employers help manage employees’ financial pressures ? Open communication is key, adds James.

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Employee Benefits

JANUARY 24, 2024

And, while most people are happy to watch the roller coaster ride from the sidelines, employers are beginning to consider crypto as part of their pay strategies. It’s being used more for incentive schemes than to replace salary or bonuses,” she explains. It is still very niche. Mainstream pay preference This could change.

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Employee Benefits

JULY 6, 2023

You’ve got a company pension scheme in place, so what would prompt you to change it? Additionally, shifting to a modern digital pension provider is surprisingly straightforward. Additionally, shifting to a modern digital pension provider is surprisingly straightforward. Is your existing pension provider maximizing your savings?

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Employee Benefits

DECEMBER 11, 2023

Most of us spend the majority of our working life saving into our pension. However, all this hard work saving can quickly unravel for those who aren’t aware of common pension mistakes. WEALTH at work outlines below the top 10 pension mistakes individuals could make, to highlight what employees facing retirement may need support with.

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HR Digest

SEPTEMBER 29, 2020

Salary expectations is a question that will crop up if it has not been specified in the job description. This question is more about finding a salary match, adds Crawford. “Ideally, employers and recruiters would be upfront with [salary] information and volunteer it first, but that’s not often the case,” Fink said.

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Employee Benefits

JULY 31, 2023

But your organisation might be doing just that because the set-up of your workplace pension scheme has kept you blissfully unaware. Pension contributions by employers are great in principle, fostering stability and long-term economic wellbeing for employees. Consider salary sacrifice, for instance.

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Employee Benefits

APRIL 26, 2023

Here are five top tips to help employers do just that. But the REBA research shows that while over half (52%) of employers offer financial wellbeing benefits/services, they are not joined up in a strategy. Further, just 20% of larger businesses have a mature or well-developed financial wellbeing strategy.

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Employee Benefits

JANUARY 25, 2023

The benefits on offer at Wave: Pension A master trust pension scheme for all employees. Matching contribution levels: 3% employee contribution, 6% employer; 4% employee 8% employer; 5% employee and 10% employer. Annual employer-funded health screening for the leadership team. 26 weeks deferred period.

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Employee Benefits

JANUARY 31, 2024

To support employees with their financial wellbeing, employers should review the benefits they already offer and check whether staff know how they can help. Implementing financial wellbeing services that include education and coaching is cost-effective. For example, does the expenses policy require staff to wait six weeks to be paid?

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Employee Benefits

JANUARY 16, 2023

Record high inflation in the UK is resulting in some employers increasing pay levels in an attempt to keep up. Alongside one-off payments and pay rises, employers may want to consider investing in a long-term strategy to ensure the financial wellbeing of their employees. Pay strategy changes.

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Vantage Circle

SEPTEMBER 23, 2023

Welcome to “Employee Benefits Guide for 2023: What Employers Need to Know.” These benefits are given to employees over their salaries and wages. In the dynamic arena of modern employment, employee benefits aren’t just perks; they are essential components of a thriving organization. Employees love benefits.

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Employee Benefits

AUGUST 9, 2023

Credit: Richard Oldroyd / Shutterstock.com The University of Salford ensures it provides comprehensive financial wellbeing support and education that is targeted at all different groups of employees. These are hosted twice a year by a professional consultancy firm and are free of charge.

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Employee Benefits

FEBRUARY 17, 2023

Therefore, people’s pension savings will likely start catching up with the frozen Allowance. This could particularly affect those who never check the value of their pension or haven’t done so for some time. Positive pension fund growth as well as a pay rise may easily push them over the LTA before they know it.

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Employee Benefits

JUNE 28, 2023

Benefits on offer at Fox Agency: Pension Salary sacrifice pension arrangement; employees are automatically enrolled after three months’ service. Employee contribution 5% and employer contribution 3%. Personal trainer and Yoga sessions, every week in worktime, employer paid. In-house mental health first aider.

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Employee Benefits

NOVEMBER 2, 2023

Making regular contributions into a pension pot is also becoming more of a challenge, with salaries struggling to keep pace with rising costs. WEALTH at work’s research showed that 13% of employees have reduced or stopped their pensions because of rising costs. You can also see their comments below.

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Employee Benefits

JANUARY 17, 2024

million lost working hours (Money & Pensions Service). The youngest may crave financial education, whereas those in their prime will be looking towards retirement. To be impactful and benefit the employer and employee, your offering must truly enhance employee financial wellbeing. Financial resilience matters!

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Employee Benefits

FEBRUARY 27, 2023

Employers are under renewed pressure to rethink their workplace financial support packages in light of research [1] that reveals that two thirds (66%) of organisations rate their workplace debt management support as poor, despite government claims that Britons are living through the worst cost of living crisis in a generation.

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Employee Benefits

AUGUST 9, 2023

Employers can offer financial wellbeing support based on which benefits are most frequently used, which will highlight prevalent financial issues among employees. As employers often have wide-ranging demographics that have varying preferences and needs, different communication methods will be required for each group.

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Employee Benefits

FEBRUARY 6, 2023

Employers are experiencing increasing demand from employees for salary rises because of the pressures on everyday financial wellbeing, such as the ever-rising cost of living , inflation and interest rates. Financial education can be key to helping employees build future financial resilience.

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Employee Benefits

DECEMBER 19, 2023

When it comes to big purchases, such as if a washing machine breaks, discount vouchers are often available through voucher and discount websites, and some people also have access to discount schemes through their employer. Many employers offer payroll-deducted savings schemes for effortless saving.

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Employee Benefits

FEBRUARY 15, 2023

The cost-of-living crisis has employees demanding pay rises in line with inflation, but many employers are unable to afford this long-term. Benefits that support financial wellbeing and education, including day-to-day budgeting and discounts, can help pay stretch further without raising pay.

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cipHR

APRIL 22, 2022

Inflation doesn’t just mean rising costs for workers and their employers; UK organisations could soon be faced with workforces that are unengaged, distracted and unhappy because of the state of their finances. Pay: real living wage, and salary increases. Pensions contributions. Salary sacrifice. Pensions contributions.

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Employee Benefits

MAY 3, 2023

The thing is, if we don’t contribute to our retirement fund, we run the risk of losing out on 3% minimum contribution from your employer, and any tax benefits that go with it. You may or may not be surprised that many people don’t put much thought into their pensions.

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Employee Benefits

FEBRUARY 28, 2023

Financial wellbeing support is integral to employers being able to meet their high-level HR objectives, according to research by The Reward & Employee Benefits Association (REBA) in association with WEALTH at work. Employee demand is driving employers to bolster their efforts in more than four in 10 (44%) organisations.

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Employee Benefits

FEBRUARY 12, 2024

Becoming an employer of choice – Over half of employers (59%) say that a desire to benchmark themselves against competitors (e.g. become an employer of choice or match sector norms) will drive their financial wellbeing strategy in the next two years, which compares with just 42% of employers in the past two years.

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Employee Benefits

JANUARY 12, 2024

Through the employer’s Employee TimeOut initiative, employees without an assignment from March to August 2024 can leave their role for between four and 12 weeks. This time away will be unpaid, but staff will receive a bonus worth 25% of their salary when they return.

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Empuls

SEPTEMBER 28, 2023

Yet, behind the allure of cityscapes and rolling hills, there's a pressing concern that affects both employers and employees alike: the ever-evolving cost of living. It is designed to bridge the gap between an employee's standard salary and the expenses required to maintain a certain quality of life in their geographical area.

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Employee Benefits

JULY 24, 2023

Many employers offer a fixed ‘option price’ which is set at a discount of up to 20% of the actual share price at the start of the plan. The Share Incentive Plan (SIP) is another popular all employee share plan enabling employees to purchase shares by making monthly contributions of between £10 and £150 from pre-tax salary.

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cipHR

JULY 30, 2020

If we pay our people their agreed wage, salary or bonus, on time, and accurately, isn’t that enough? There’s a growing consensus that employers have a responsibility to do more – and that it makes good business sense to do so. The UK government is certainly hoping employers will intervene in this area.

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Griffin Benefits

JUNE 29, 2023

contains dozens of changes to retirement plans, but perhaps none bigger than these two: New 401(k) and 403(b) plans will be required to automatically enroll participants in the respective plans, and employee salary deferral rates will automatically escalate each year. The SECURE Act 2.0 SECURE ACT 2.0 THE SECURE ACT 2.0

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Employee Benefits

FEBRUARY 7, 2023

Redundancy Entitlement: If an employer makes a job role redundant forcing an employee to leave the company, they may be entitled to redundancy pay. Redundancy packages are not set in stone, they vary according to the company but are also based on age, length of employment, and job role. What happens to their company pension?

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Employee Benefits

JANUARY 21, 2022

million pension savers [1] are set to reach the limit and will be hit with a tax charge of 55% in retirement. This could particularly affect those who never check the value of their pension, or haven’t done so for some time. Positive pension fund growth as well as a pay rise may easily push them over the LTA before they know it.

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Employee Benefits

NOVEMBER 20, 2023

Credit: Julia Sudnitskaya / Shuuterstock.com A total reward statement provides an overview of an employment package and its value. Understanding the value A TRS typically offers a breakdown of the monetary value of an employee’s entire employment package.

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