Salary Sacrifice: the changes employers need to implement before 6 April 2017
Mar23

Salary Sacrifice: the changes employers need to implement before 6 April 2017

In the 2016 Autumn Statement the government announced that as of the 6 April 2017 the Income Tax advantages for many benefits funded through salary sacrifice will be removed. Kevin O’Neill, Head of Health at Barnett Waddingham, explains outlines the detail for employers. When the draft legislation was published, no guidance was given to the impact on Group Income Protection and excepted Group Life schemes offered as a flexible...

Read More
APSCo: evidence shows increasing use of contractors in financial services sector, permanent roles declining
Mar09

APSCo: evidence shows increasing use of contractors in financial services sector, permanent roles declining

Permanent placements show 1% decline year-on-year Contract placements increase by 2% Contractor placements in Finance increase by 24% Average salaries dip by 1.3% Permanent placements dip Professional recruitment firms reported that overall placement numbers for permanent roles dipped by 1% in January 2017, while contractor placements simultaneously increased by 2% year-on-year, according to new survey data from the Association of...

Read More
Financial sector expects flat performance bonuses & ‘modest’ salary increases this year
Feb14

Financial sector expects flat performance bonuses & ‘modest’ salary increases this year

Salary increases are set to be modest in 2017 as financial services companies worldwide feel the impact of slow economic growth, low inflation as well as continued low interest rates, according to the latest data from Mercer. On average, 2017 base salary increases for all roles are expected to be between 1.9% and 2.4%. Mercer’s research finds that the majority of organisations predict 2017 annual incentive levels to remain similar or...

Read More
Coutts Bank Invests in Disability Awareness Training with Enable Me
Feb07

Coutts Bank Invests in Disability Awareness Training with Enable Me

Enable Me, the charity dedicated to raising disability awareness, has recently provided training for Coutts – the UK’s private bank and wealth management organisation. Enable Me visited the bank’s central offices on The Strand, London to deliver its training to a group of employees from a range of departments, from senior level employees to graduate staff. The training focused on various themes, with Executive Chairman, Chris...

Read More
Bank of England’s Chief Economist warn’s of ‘job threat from robots’
Dec06

Bank of England’s Chief Economist warn’s of ‘job threat from robots’

The Bank of England’s Chief Economist, Andy Haldane has expressed concern about job cuts due to future automation after a Bank of England study found that robots could replace 15 million British workers in the “third machine age”. In terms of numbers, that’s almost half of the UK’s 30.8 million strong workforce. The study found that occupations which faced the highest risk are administrative, clerical and...

Read More
Head in the sand response to tax changes from city firms leaves high earners sleep walking into tax bills
Nov08

Head in the sand response to tax changes from city firms leaves high earners sleep walking into tax bills

New research from Punter Southall Aspire, the workplace pensions and savings experts, reveals huge inconsistencies in the support being provided by financial services companies to their high earning employees to help them navigate through the recent  tax changes. In April this year, the government reduced the lifetime allowance from £1.25m to £1m, and introduced a taper to the annual allowance.  These changes placed a greater number...

Read More
70% of employers ‘overestimate the cost’ of financial protection benefits
Oct27

70% of employers ‘overestimate the cost’ of financial protection benefits

Research from Group Risk Development (GRiD) shows that the majority of employers overestimate the cost of group risk financial protection for their staff (employer-sponsored life assurance, income protection and critical illness). It typically costs less than 0.5% of payroll to offer Group Life Assurance to an entire workforce, yet 70% of employers believe that it would cost them more than that, with 8% believing it will cost them...

Read More
CIMA: 35% of finance professionals think bonuses are ‘unjustified’
Sep15

CIMA: 35% of finance professionals think bonuses are ‘unjustified’

The Chartered Institute of Management Accountants (CIMA) has today revealed results from a global poll of 6,500 financial decision makers, leading it to call for bonus systems to be designed to encourage long-term success rather than only short-term performance. Of the respondents whose companies operate a bonus scheme, more than a third (35%) of UK finance professionals feel bonuses for top earners – including salespeople, fund...

Read More
Pay Results are in: FTSE 100 Bosses got 10% pay rise, everyone else got 1.9%
Aug08

Pay Results are in: FTSE 100 Bosses got 10% pay rise, everyone else got 1.9%

 New research released today found that bosses in the top FTSE100 earn more than 140% more than their employees and enjoyed a 10% pay rise last year, whilst the average weekly wage grew by only 1.9%. The average wage packet for FTSE 100 chief executives was found to be £5.5m each, according to new research revealed today by the High Pay Centre. The leading think tank, which campaigns against excessive executive pay, will lend weight...

Read More
Brexit reactions and comments from HR & business organisations
Jun24

Brexit reactions and comments from HR & business organisations

Here, at HR news we’ll keep you up to date with the reactions as they come in:  ___________________ Alessio Giorgi – MLRO Compliance Officer for Currencies.co.uk said: “Following the UK’s decision to leave the EU we have seen the Pound drop to its lowest levels in 30 years. This volatility looks set to continue with each announcement, as the shockwaves are felt from both the leave vote and the resignation of David Cameron....

Read More
EU to discuss stronger measures on tax avoidance
Jun07

EU to discuss stronger measures on tax avoidance

Tax avoidance by companies cost EU countries €160-190 billion in lost revenue a year.  This week, MEPs will give its opinion on implementing new measures to fight the most common practices. The measures that the European Commission have proposed are based on the principle that taxes should be paid where profits are made. The plans contain six key measures to fight aggressive tax planning and also sets out common definitions of terms...

Read More
Low Cost Vans appoints ‘Vulnerability Champion’
Mar24

Low Cost Vans appoints ‘Vulnerability Champion’

Low Cost Vans, a commercial vehicle provider that supplies businesses across the UK, has shown its willingness to take on board new regulatory guidelines coming into force by training a Vulnerability Champion. Low Cost Vans decided to take the step to pre-empt growing moves by the Financial Conduct Authority (FCA) to clamp down on companies that it deems have mis-sold finance to individuals who it determines were vulnerable at the...

Read More
HMRC wins ‘important victory’ over Banking Bonuses
Mar10

HMRC wins ‘important victory’ over Banking Bonuses

The Supreme Court has today settled a marathon dispute between banking giants UBS and Deutsche Bank and HM Revenue and Customs who were locked in a legal battle over tax avoiding bonus schemes. HMRC pursued the two banks claiming each owed £50m in tax, although with interest the total figure now stands at £135m.  The scheme involved so-called “Houdini” schemes that were set up to take advantage of legal loopholes to exempt...

Read More
Lloyds Group sees Profits Fall due to PPI Claims
Feb25

Lloyds Group sees Profits Fall due to PPI Claims

Banking Group Lloyds has today reported a 7% fall in annual profits, reporting profits of £1.6bn as against £1.8bn the previous year.  The fall was blamed on charges it has put aside to cover claims against the bank from mis-selling payment protection (PPI). The bank, which is still partly owned by the taxpayer, claimed to have a “robust financial performance” but said PPI claim provisions had resulted in them having to...

Read More
January sees Recruitment Boom!
Feb04

January sees Recruitment Boom!

2016 is looking promising for jobs in the UK. Professional recruitment firms had 4% more vacancies on their books in December 2015 than the same period the previous year according to new survey data from the Association of Professional Staffing Companies (APSCo). This is in line with the latest data from the Office for National Statistics (ONS), which reveals that overall employment levels increased by 588,000 year-on-year in the...

Read More