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

JULY 6, 2023

How would you feel if you discovered your company was unintentionally wasting a significant portion of your salary? But your workplace pension setup could be causing this wastage right under your nose, without you even being aware. You might expect pension providers to help you traverse this complex maze.

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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

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

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

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

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. Perhaps decisive policy action is needed to address the pension gender divide.

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Employee Benefits

JANUARY 25, 2023

The benefits on offer at Wave: Pension A master trust pension scheme for all employees. Two years paid at half salary at time of acceptance. Age limits are 16 to state pension age. Life insurance for all employees with a death-in-service benefit of four-times salary. Age limits are 16 to state pension age.

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Employee Benefits

JANUARY 31, 2024

Implementing financial wellbeing services that include education and coaching is cost-effective. Simply raising salaries is not an option for many, so employers may need to think creatively about how they can provide financial support without breaking the budget.

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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

APRIL 22, 2024

A salary sacrifice arrangement can support employees who are dealing with the impact of fiscal drag. To help offset financial pressures, employers can offer targeted financial education , because tax can be a complex topic that is not always well understood. offers James.

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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

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

JUNE 28, 2023

Benefits on offer at Fox Agency: Pension Salary sacrifice pension arrangement; employees are automatically enrolled after three months’ service. Educational lunch and learns focused on wellbeing. Employee contribution 5% and employer contribution 3%. Healthcare and wellbeing £25 monthly wellbeing allowance.

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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. Financial education & money management Younger generations, especially those fresh out of school, college or university, need financial education most.

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Employee Benefits

JANUARY 24, 2024

It’s being used more for incentive schemes than to replace salary or bonuses,” she explains. Glenn Cameron, investment consultant at actuarial and pension specialists Cartwright, believes one of the currencies, Bitcoin, will become mainstream. Lessons in crypto These differences and potential risks mean employee education is a must. “If

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Employee Benefits

AUGUST 9, 2023

“With national insurance (NI) savings for both the employer and employees, a pensions salary sacrifice arrangement can help employees maintain their pension contributions while putting some extra pounds into their pay packets each month, all at no additional cost,” he says.

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Employee Benefits

FEBRUARY 15, 2024

Launched this week and set to run until 2028, with break clauses at the end of years two and three, the managed service provision framework includes a fully managed service and individual services for employee benefit schemes, covering a range of salary sacrifice and voluntary deduction arrangements.

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Employee Benefits

MAY 3, 2023

You may or may not be surprised that many people don’t put much thought into their pensions. You can input all your unique details into the nudge platform such as your job title, salary, and your financial goals for the next couple of years.

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Employee Benefits

APRIL 26, 2023

This could include an Employee Assistance Programme (EAP) offering debt advice, access to discount schemes, and the option to attend financial education sessions, all of which combined can help employees take control of their day-to-day finances. One way of doing this is to monitor if employees are actually using and engaging with it.

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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

Start saving early – Starting to save when you are younger into ISAs and a pension means that the money has lots of time to grow. Many people already pay 5% of their salary into their workplace pension through auto-enrolment, with an additional 3% employer contribution.

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Employee Benefits

FEBRUARY 15, 2023

Benefits that support financial wellbeing and education, including day-to-day budgeting and discounts, can help pay stretch further without raising pay. Financial education and wellbeing For those employers wary of hiking pay to unsustainable levels, the alternative might be to bolster their approach to financial education and wellbeing.

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Employee Benefits

JANUARY 26, 2024

Through this, it will match up to 4% of an employee’s salary through contributions to their 401(k) pension plan if they make student loan repayments. Chipotle has also introduced a student loan verification scheme, in conjunction with personal finance firm SoFi’s. Chipotle employees will also have access to a Visa card from Cred.ai

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Employee Benefits

JANUARY 12, 2024

This time away will be unpaid, but staff will receive a bonus worth 25% of their salary when they return. 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.

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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? With money worries known to be a stressor and contributor to poor mental health, how much of that impact could be mitigated by greater financial support and education? Salary sacrifice schemes . Salary sacrifice schemes .

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Employee Benefits

FEBRUARY 12, 2024

Also, over a third (34%) plan to address pension gaps around gender and ethnicity in the next two years. Employers may also want to consider funding a range of workplace savings and benefits such as workplace ISA’s, share plans or discount and salary sacrifice schemes, to support these needs and build financial resilience.

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Employee Benefits

MAY 12, 2023

The firm also launched menopause training designed specifically to educate male employees about women’s health, as well as a domestic abuse policy created in order to raise awareness and signpost to available external support. The post Ellisons Solicitors introduces wellbeing champions appeared first on Employee Benefits.

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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

JULY 24, 2023

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. By linking a SIP to a Self-Invested Personal Pension (SIPP), employees can ‘supercharge’ pension savings by effectively benefiting from double tax relief.

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Employee Benefits

FEBRUARY 7, 2023

For example, someone who has an annual salary of £36k, has earned £15k so far this tax year and is offered £50k redundancy would owe £4,000 in tax on their redundancy pay. What happens to their company pension? Some people prefer to move their pension to their new workplace pension scheme, or a private 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

OCTOBER 18, 2023

Everything has to be underpinned by education. Education is key around helping individuals to understand their pay and making it okay to talk about financial worries in the same way as we might now discuss mental health,” explains Hodson. Housing 21 is also changing the language around pay.

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Employee Benefits

JANUARY 17, 2023

They should try to aim for 3-6 months of their salary if possible and it is often a good idea to set up a standing order for saving rather than waiting to see what is left at the end of the month. It is important that employees understand the importance of saving into their pension from early on. Don’t neglect your pension.

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Vantage Circle

SEPTEMBER 23, 2023

These benefits are given to employees over their salaries and wages. Disability Insurance The employer pays the worker's salary if the worker becomes disabled or cannot work. Short-term covers the employee for up to 6 months, while long-term covers a worker's lifetime salary. Employees love benefits.

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