Employee Benefits

FEBRUARY 2, 2024

WEALTH at work, a leading financial wellbeing and retirement specialist has run financial education workshops for staff in hundreds of organisations and is encouraging people to consider using this saving in National Insurance if they can, to increase their monthly pension contributions. When made into a pension contribution it is worth £212.29

Pension 52

Pension Insurance Salary Taxes 52

Employee Benefits

SEPTEMBER 14, 2023

However, many don’t realise the significant difference a small increase to their pension savings can make. 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.

Pension 64

Pension Take Home Pay Salary Taxes 64

Employee Benefits

JANUARY 17, 2023

With increasing costs continually putting pressure on household finances, 2023 is set to be a financially challenging year for many. It’s therefore now more important than ever to support employees to take control of their finances to successfully navigate the cost-of-living crisis. Track your finances. Create a budget.

Finance 98

Finance Pension Banking Retail 98

Employee Benefits

MAY 4, 2023

A quarter (26%) of large employers have seen an increase in the number of pension scheme opt-outs among employees in the face of the cost-of-living crisis , according to research by Cushon. The majority (84%) of those with a workplace pension agreed that increased financial education around pensions would be helpful.

Pension 81

Pension Employment Salary Finance 81

Employee Benefits

APRIL 28, 2023

Cornish charitable housing association Coastline Housing has received living pension accreditation from the Living Wage Foundation. Launched last month , the living pension is a voluntary savings target for employers who want to help workers build up a pension that will provide enough income for everyday needs in retirement.

Pension 69

Pension Benefits Package Finance Salary 69

Employee Benefits

SEPTEMBER 20, 2023

Yet, many businesses might be inadvertently losing money because they lack a competitive pension package. Life changes, and individuals may seek better pay to finance a new home, improved working conditions, or even a shift in their career direction. It’s a given that businesses must offer pension plans to their workforce.

Pension 59

Pension Salary Taxes Employee Loyalty 59

Employee Benefits

JANUARY 19, 2023

As the cost of living crisis continues, it is now more important than ever that new parents understand how their finances will be affected and what actions they can take. WEALTH at work, a leading financial wellbeing and retirement specialist, highlights some top tips to help new parents stay in control of their finances: 1.

Finance 105

Finance Parental Leave Pension Salary 105

Money Talk

FEBRUARY 1, 2024

Many people think you need to earn a high salary (e.g., One reason is that average salaries rise with higher levels of education. A good rule to follow to build financial knowledge is to learn one new thing every day about personal finance (e.g., 100,000+) to become a millionaire. In reality, many people of ordinary means (i.e.,

401(k) 182

401(k) Finance Pension Commissions 182

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.

Pension 52

Pension IT Finance Taxes 52

Employee Benefits

JULY 26, 2023

Considering a shift in your workplace pension provider? The pension plan you offer should mirror your company’s brand. The heartening truth is that transitioning your pension provider is far less complicated than it appears. This article will guide you on how to switch workplace pension providers, one step at a time.

Pension 52

Pension Finance Salary Employee Benefits 52

Employee Benefits

AUGUST 22, 2023

UK Workplace Pension Regulations: What Every Employer Should Know In the dynamic landscape of finance, grasping the nuances of workplace pension regulations might be daunting. A pension serves as a cornerstone for ensuring comfort and security in retirement. But is every business obliged to offer a pension?

Pension 52

Pension Employment Taxes Government 52

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.

Pension 52

Pension Taxes Finance Retirement Plan 52

Money Talk

APRIL 20, 2023

Off-Farm Job Employer Benefits - These include a defined benefit pension, an employer retirement savings plan (e.g., Simplified Employee Pension (SEP)- This is a retirement savings plan for self-employed workers and small business owners. 401(k), 403(b), 457 plan, and thrift savings plan), and other employer benefits (e.g.,

401(k) 245

401(k) Pension Retirement Plan Taxes 245

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.

Pension 52

Pension Taxes Banking Retirement Plan 52

Money Talk

JUNE 16, 2022

If you picture retirement planning and taxes as a Venn Diagram, there is lots of overlap between these two areas of personal finance. Through Retirement” Planning ¨ Taxable Income Sources- Common types of taxable income in later life include pensions, distributions from workplace retirement accounts, and Social Security.

Taxes 187

Taxes 401(k) Retirement Plan Pension 187

Employee Benefits

JANUARY 31, 2024

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. Banks often offer a lot of resources too, all of which are available online, such as guides and tools to help manage finances more effectively,” she says.

Pension 64

Pension Finance Education Taxes 64

Employee Benefits

AUGUST 9, 2023

It offers financial wellbeing support , provided by Salary Finance, such as lower interest and higher acceptance rate loans, and a help-to-save scheme that deducts savings from salaries each month, and has launched a dedicated intranet site for its cost-of-living support.

Hospitality 98

Hospitality Finance Salary Electronics 98

Employee Benefits

APRIL 22, 2024

A salary sacrifice arrangement can support employees who are dealing with the impact of fiscal drag. These employees will need guidance and support to understand the impact on their finances and what options are available for them, as this can negatively impact wellbeing and productivity. Open communication is key, adds James.

Employment 59

Employment Taxes Finance Net Pay 59

Employee Benefits

JANUARY 18, 2022

As people age, making ends meet day-to-day takes a back seat as finances become more stable. There are a number of reasons for this: their salary is often higher than earlier in their career, mortgage payments are probably less onerous and children may be grown up and no longer financially dependent. In one sense, they’re right.

Pension 141

Pension Pension Benefit Finance Salary 141

Employee Benefits

OCTOBER 4, 2023

Employee Benefits Live 2023: Enterprise Rent-A-Car has supported employees during the cost-of-living crisis with a salary increase and conducted a benchmark analysis of its pay and benefits providers. It also offers a bikes-for-work and electric vehicle salary sacrifice scheme which offer tax and national insurance savings. “We

Pension 59

Pension Benefit Providers Salary Benefits Package 59

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.

Finance 118

Finance Pension Salary Education 118

Employee Benefits

JULY 6, 2023

As an employer, you’re obliged to provide your staff with a workplace pension – a mandate made compulsory by the UK government in 2012. Unfortunately, a considerable number of employees adopt a ‘set and forget’ approach once they’re enrolled in a pension scheme. So, why not ensure it delivers real value?

Pension 52

Pension Salary Government Take Home Pay 52

Employee Benefits

AUGUST 30, 2023

Employees can also participate in bespoke financial wellbeing workshops, featuring guides, webinars and in-person seminars on topics such as pensions and protection, budgeting , saving and investing.

Pension 59

Pension Retirement Plan Taxes Finance 59

Employee Benefits

JANUARY 26, 2024

Chipotle has also introduced a student loan verification scheme, in conjunction with personal finance firm SoFi’s. 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.

Family and Medical Leave Act 59

Family and Medical Leave Act 401(k) Pension Human Resources 59

Employee Benefits

MAY 3, 2023

With rising cost of living, impending energy crises and other threats to our pockets, paying into our retirement feels like a priority far from the top of our personal finances list. You may or may not be surprised that many people don’t put much thought into their pensions.

Pension 52

Pension Salary Finance Education 52

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.

Consulting 59

Consulting Parental Leave Pension Finance 59

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.

Employment 95

Employment Pension Education Finance 95

Employee Benefits

JANUARY 26, 2022

The benefits offered by Together Housing Group: Pension. Local government pension schemes (LGPS) with varying employer contribution levels. Defined contribution (DC) salary sacrifice scheme with 3% or 5% employee contribution matched by 6% or10% employer contribution. Life assurance at three times salary. Social clubs.

Pension 59

Pension Parental Leave Salary Deductions 59

Best Money Moves

MARCH 11, 2024

Pension and retirement plans The same Forbes Advisor study found that 34% of employees and 34% of employers agree that retirement plans are a vital part of a company’s benefits strategy. Costs of common goods and groceries are rising due to different economic factors, making it harder for salaried workers to manage their finances.

Retirement Plan 87

Retirement Plan Healthcare Healthcare Benefits Parental Leave 87

Employee Benefits

FEBRUARY 7, 2023

Facing redundancy can be an intimidating time, therefore it is important for employees to be aware of their rights and have a clear overview of their finances. 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.

Pension 52

Pension Taxes Finance Salary 52

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.

Pension 105

Pension Finance Recruitment Salary 105

Employee Benefits

JANUARY 17, 2024

million lost working hours (Money & Pensions Service). Our Financial Wellbeing App is so much more than a money management tool, consolidating an employee’s debt into one loan, repayable to your business via manageable monthly salary deductions. Still, education only goes so far, and your employees’ monthly salary has a limit.

Education 105

Education Deductions Deductible Salary 105

Employee Benefits

FEBRUARY 15, 2023

Many providers of existing benefits, such as pensions , will have education modules to increase awareness of the financial provisions on offer. A cash plan is the perfect benefit, because it’s very affordable for the [employer], a fraction of the salary bill.”

Benefits Package 105

Benefits Package Pension Education Finance 105

Best Money Moves

MARCH 28, 2022

Under federal law, employees are only guaranteed 12 workweeks of unpaid family medical leave; however, the loss of income can be detrimental to household finances. Pension plans often require a minimum salary or hours worked for pension payouts. Less money now means even less during retirement. .

Parental Leave 95

Parental Leave Pension Finance Retirement Plan 95

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.

Pension 40

Pension Employment Salary Finance 40

cipHR

MARCH 27, 2023

The definitive A-Z of payroll outsourcing in the UK A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | A: Auto-enrolment The process through which qualifying employees are automatically entered into workplace pension schemes. In most cases, it is down to the employer to establish this.

Payroll 52

Payroll Outsourcing Payroll Payroll Software Family and Medical Leave Act 52

Enjoy Benefits

NOVEMBER 9, 2023

November 2023 brings us National Talk Money Week, up to the 10th of November, and it’s a great opportunity to kick-start conversations around personal finance and money. Childcare benefits, workplace pensions, health cover, loans and discounts can all ease the strain of the cost of living crisis for your employees.

Pension 52

Pension Finance Taxes Insurance 52