Employee Benefits
MARCH 5, 2024
The retailer has additionally increased minimum pay rates , which will rise to £11.50 Over the past three years, Currys has increased its minimum hourly pay by 29%. This increase in take-home pay will mean that the annual earnings of an employee who works 20 hours a week will have risen by nearly £2,700 over the three-year period.
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. A salary sacrifice arrangement can support employees who are dealing with the impact of fiscal drag.
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InterWest Insurance Services
OCTOBER 27, 2022
These cafeteria plans, which are governed by Section 125 of the Internal Revenue Service Code, allow your employees to withhold a portion of their pre-tax salary to cover certain medical or childcare expenses. Employees can save an average of 30% in federal, state and local taxes on items they already pay for out of pocket.
Employee Benefits
SEPTEMBER 14, 2023
This is especially true when an employer matches any additional contributions. For example, someone in their 20s, saving an extra 1% a year with their employer matching this, may be able to increase their pension pot in retirement by 25%. They are all 25 years old and plan to retire at age 68.
Employee Benefits
JANUARY 25, 2023
Matching contribution levels: 3% employee contribution, 6% employer; 4% employee 8% employer; 5% employee and 10% employer. Employees can contribute as much as they wish as long as it does not take their take-home pay below the minimum wage. Two years paid at half salary at time of acceptance.
Workplace Insight
NOVEMBER 8, 2022
Rising costs are changing the employment landscape, and workers are taking steps to improve their financial standing by trimming their expenses, increasing their income, or both. In efforts to increase their take-home pay, 77 percent of employees see the opportunity to work overtime or extra shifts.
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 THE SECURE ACT 2.0 THE SECURE ACT 2.0
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