At a glance: reward and benefits headlines this week 19-25 June 2020
The headlines you might have missed between 19-25 June 2020.
MPs have approved rollout of IR35 in 2021
HR Review: Agreement has been reached by MPs at the Committee stage of the Finance Bill amendment today (18/06/20), resulting in the rollout of IR35 in April 2021. Read story
Minister questions schemes on dashboard data readiness
Pensions Expert: UK pension schemes are being asked by the pensions minister to report on the readiness of their data for the dashboards project, but specialists argue the lack of legislation and data standards could make it difficult to obtain accurate responses. Read story
Nuffield Health introduces 10% pay cuts and reduces working hours by 20%
Employee Benefits: Healthcare charity Nuffield Health has introduced a 10% pay cut and a 20% reduction in hours for its employees, to deal with the financial constraints of the Covid-19 (Coronavirus) pandemic. Read story
Indeed rewards 10,000 employees with six days of additional leave
Employee Benefits: Indeed is rewarding its 10,000 global employees with an extra day of paid holiday per month until November 2020. Read story
88% of employees participated in workplace pensions during 2019
Employee Benefits: Overall, 88% of eligible employees (19.2million) participated in a workplace pension in 2019, an increase from 87% in 2018, according to research by the Department for Work and Pensions (DWP). Read story
How to offer remote employee recognition
HR Grapevine: Actively promoting employee recognition has been known to improve productivity and morale, with various studies indicating the several benefits it can bring to a business. Read story
Working parents and carers call for more flexible working post-COVID
Workplace Insight: New figures published today claim that more than 9 in 10 working parents and carers surveyed by work-life balance charity Working Families want their workplace to retain flexible working post-COVID-19. Read story
'Big surge' to master trusts expected post-lockdown - Hymans Robertson
Pensions Age: A “big surge” in defined contribution (DC) occupational trust pension schemes moving to master trusts is expected as the UK begins to ease lockdown, Hymans Robertson has said. Read story
Balancing employer and employee expectations when returning to work
HR News: As shops and office begin to reopen and employees return to their workplaces after weeks and months working from home, how can employers make the transition as smooth as possible? Read story
Adam Riley: Addressing the global retirement gap
Corporate Adviser: Howden Employee Benefits & Wellbeing, director of global development Adam Riley looks at how other countries are trying to encoure wider pension saving in light of an ageing population. Read story
Employer Covid tests find 50pc of staff have had disease
Corporate Adviser: Employers are starting to roll out Covid-19 antibody tests for those returning to work — with some finding higher-than-anticipated positive results. Read story
PPF compensation cap deemed age discriminatory
Professional Pensions: The compensation caps applied by the Pension Protection Fund (PPF) have been deemed age discriminatory by the High Court in another slap down of the lifeboat regime. Read story
Cash-strapped money printer cuts deficit repair contributions
Pensions Expert: British banknote printer De La Rue has cut deficit repair payments to its defined benefit pension scheme, contingent on the success of its bid to raise an extra £100m in capital. Read story
TC Facilities Management gives 5,000 employees early access to pay
Employee Benefits: Facilities management organisation TC Facilities Management (TCFM) is allowing its 5,000 employees to access up to 50% of their pay immediately. Read story
47% of employers say budget is the biggest barrier in improving engagement
Employee Benefits: Just under half (47%) of employers say their budget is their biggest barrier for not improving employee engagement levels. Read story
University of Cambridge introduces 10% voluntary pay reduction scheme
Employee Benefits: The University of Cambridge has introduced measures to deal with the financial ramifications of Covid-19 (Coronavirus) including a voluntary pay reduction scheme for senior university staff. Read story
General Healthcare Group completes £150 million insurance scheme buy in
Employee Benefits: The trustee of the General Healthcare Group (GHG) Pension and Life Assurance plan has completed a £150 million insurance scheme buy in. Read story
This firm gives staff annual leave freebie to combat WFH stress
HR Grapevine: Working from home throughout the pandemic has posed as a challenge for many employees. Read story
Consultation on pensions dashboards’ data standards to begin in early July
Pensions Age: The Money and Pensions Service (Maps) has announced that the delayed Pensions Dashboards Programme (PDP) consultation on pensions dashboards’ data standards will open on 6 July 2020. Read story
Your work, your way: how a personalised approach to flexible working has supported a smooth transition during COVID-19
HR News: A key part of our five-year strategy is for work to be what you do, not where you go and for over a year we’ve been working on enabling greater flexibility across RHP. Read story
Employees willing to take a pay cut for remote working
HR Review: Almost a third of employees are prepared to take a pay cut if it means they can work from home. Read story
ABI calls for flat rate pension tax relief
Corporate Adviser: The Association of British Insurers has called for pension tax relief to be simplified, in order to reduce savings inequalities. Read story
High Court rules ‘drafting errors’ sufficient to justify switch to CPI
Pensions Expert: A High Court decision has found in favour of a pension scheme switching to the consumer price index from the retail price index, but only because of a drafting error in the scheme’s rules. Read story
2 Sisters Food Group gives 560 employees full pay for self-isolation period
Employee Benefits: Food manufacturer 2 Sisters Food Group (2SFG) will give all 560 employees at its Llangefni site full pay for the self-isolation period that has been imposed on them due to the Covid-19 (Coronavirus) pandemic. Read story
Fidelity International enhances global parental leave policy for 7,284 employees
Employee Benefits: Investment management services provider Fidelity International has introduced an enhanced parental leave policy for all of its 7,284 employees in 27 global locations. Read story
18% of employers expect a decrease in the number of bonus payments
Employee Benefits: Just under one in five (18%) respondents expect the number of bonus payments paid to employees will decrease, according to research by Paydata. Read story
Employers 'braced for a deluge of last-minute requests'
HR Grapevine: A legal expert has said that employers are ‘bracing themselves’ for a deluge of last-minute annual leave requests due to the scorching temperatures this week. Read story
Univar scheme wins High Court case to change index used in pension increases
Pensions Age: The Univar Company Pension Scheme (UCPS) has won its case at the High Court and has been granted permission to change the index it uses to calculate its pension payment increases. Read story
Govt not planning to scrap early access pension tax charges amid Covid-19
Pensions Age: The government has no plans to remove taxes on accessing pension savings early in order to aid those struggling financially in the coronavirus crisis. Read story
Government announces plans for 30 day window to confess to furlough errors
HR Magazine: ​Under the announced draft ‘Corporation Tax/Income Tax – Taxation of Coronavirus Support Payments’ legislation currently being fast-tracked through parliament, employers could be given a 30-day amnesty to notify HMRC of any mistakes in their use of the furlough scheme before a penalty could be applied. Read story
Government guidelines for businesses to safely re-open
HR Review: The Government has released guidance on how certain businesses can re-open their doors in a safe manner from 4th July. Read story
More work needed on FCA plans to improve value for money in pensions
Corporate Adviser: Consultants and providers have responded to the FCA proposals to improve value for money in workplace pensions, saying more work is required to ensure fair and consistent assessments. Read story
FCA launches workplace pensions value for money consultation
Professional Pensions: The Financial Conduct Authority (FCA) will bring forward proposals designed to promote value for money for workplace pension schemes members, a consultation paper says. Read story
Quarter of working carers have considered quitting their job, study finds
People Management: CIPD calls for statutory paid leave as research reveals many struggle to balance work with caring responsibilities. Read story
Laing O’Rourke returns 8,000 employees to full pay
Employee Benefits: Construction organisation Laing O’Rourke will return all of its employees to full pay and full working hours, after introducing cost reducing measures during the Covid-19 (Coronavirus) pandemic. Read story
Northern Ireland Ambulance Service HSC Trust gives ambulance workers pay rise
Employee Benefits: Northern Ireland Ambulance Service HSC Trust is giving its ambulance workers a pay rise, backdated to January 2017. Read story
Kier Group reports 19.1% mean gender pay gap
Employee Benefits: Kier Group has reported a mean gender pay gap of 19.1% for hourly pay as at April 2019. Read story
73% of employers offer group personal pension schemes
Employee Benefits: Just under three-quarters (73%) of respondents offer a group personal pension (GPP) scheme for auto-enrolment, making it the most popular type of pension scheme that is offered. Read story
78% say Covid-19 has made them realise they need savings to fall back on
Employer News: According to a recent survey , three quarters of individuals say that the impact of the Covid-19 pandemic has made them realise the importance of having a savings pot to fall back on in the event of unexpected circumstances. Read story
'Dishonest' Norton Motorcycles ex-owner told to return £14m to pension funds
Professional Pensions: The Pensions Ombudsman (TPO) has ordered a former owner of Norton Motorcycles to pay back £14m of pension fund monies that he had invested in the struggling sponsor. Read story
Big 3 pension consultants post combined revenues of £1.14bn in 2019
Professional Pensions: The revenue of the three biggest pension consultancy firm’s in the UK fell slightly in 2019, dropping from £1.16bn in 2018 to £1.14bn in 2019. Read story
DWP launches review into default fund charge cap and standardised cost disclosure
Professional Pensions: The Department for Work and Pensions (DWP) has launched a review to assess the effectiveness of costs, charges and transparency measures in protecting pension member outcomes. Read story
Two-fifths of Brits now travelling to work, official figures show
People Management: Latest stats also reveal a drop in the numbers exclusively working from home as lockdown starts to ease. Read story
Recruitment firms urge government to extend sick pay rebate scheme
People Management: Sector bosses tell Treasury the financial burden of coronavirus-related SSP could become a ‘solvency issue’. Read story
Murphy returns 4,000 employees to full pay
Employee Benefits: Engineering and construction organisation Murphy has confirmed it will restore 4,000 employees to full pay from August 2020, following on from a business-wide pay reduction. Read story
Mayo Clinic lifts Covid-19 pay cuts six months earlier than planned
Employee Benefits: US non-profit healthcare organisation Mayo Clinic will restore 20,000 employees to full pay from 24 June 2020, six months ahead of schedule. Read story
Connected Health becomes accredited living wage employer
Employee Benefits: Home care organisation Connected Health is to increase hourly pay rates for its 220 employees to bring these in line with the Living Wage Foundation recommended by the Living Wage Foundation. Read story
WPC chair writes to TPR following TPO ruling on ‘shocking’ pension scam
Pensions Age: The Work and Pensions Committee (WPC) chair, Stephen Timms, has written to The Pensions Regulator (TPR) with further questions on its plan of action following The Pension Ombudsman’s (TPO) ruling on the Norton Motorcycles pension scam. Read story
How to Improve Employee Engagement and Turnover Ratio?
HR News: Employees are the backbone of any successful business. This point stands true for any business, from IT companies to casinos. If your employees are unhappy, your casino won’t last long for a long time. Every year several employees leave casinos for a variety of reasons. Ideally, the employee turnover rate should not exceed 10%. Read story