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3 Reasons to Boost Your Employee Benefits Offerings in 2020

Achievers

For 41 percent of small business employees, benefits are crucial when accepting a new job, second to salary. A matching 401(k) or pension. Really, if your business is doing well and 2019 was a successful year, there’s no good reason to be stingy with the benefits in 2020. Use of a company car. Free healthcare coverage.

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Buyer’s guide to group personal pension schemes

Employee Benefits

What is a group personal pension (GPP)? A group personal pension is a defined contribution (DC) arrangement whereby an employer agrees to make monthly contributions into a scheme, but the contract is between the employer and the pension provider. The pensions annual allowance has been increased from £40,000 to £60,000.

Pension 111
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Common Tax Forms Employers Need to Know: A Complete Guide

HR Lineup

Form 1099 Form 1099 is a series of documents used to report various types of income other than wages, salaries, and tips. Form 1099-NEC: Introduced in 2020, this form reports nonemployee compensation, such as payments to independent contractors, freelancers, and gig workers.

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Adrian Cooper: Where next for financial wellness?

Employee Benefits

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. Then, when they’re ready, they want to understand how to turn their pension savings into an income for life.

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Ovo Energy aligns green benefits to company purpose

Employee Benefits

Ovo Energy When Ovo Energy took over SSE Energy Services in 2020, it needed to harmonise benefits across the two organsiations. Employees would receive a flex pay arrangement , worth an additional 9% of salary. This would incorporate an employer pension contribution of 4%, and an extra 5% which could be used to purchase other benefits.

Pension 105
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Former sports centre director receives fine for withholding pensions information

Employee Benefits

A former director of 1066 Target Sports in St Leonards, East Sussex, has received a £15,000 fine for withholding legally-required pensions information. It found that Bartholomew had intentionally failed to provide the required information by the deadline of 8 July 2020, and that he had suppressed the material without reasonable excuse.

Pension 59
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How Suez Recycling and Recovery UK measures the value of its pension scheme

Employee Benefits

Many of the organisation’s employees are in final salary and local government schemes, but the majority, about 4,000, or 40% of the workforce, are in the organisation’s defined contribution (DC) scheme. The pension is accessed via an app , as are payslips and approval for overtime. That’s real value for money.”

Pension 59