Employee Benefits

AUGUST 19, 2024

The government’s pensions reform agenda could reshape the rewards and benefits landscape, presenting both opportunities and challenges for employers. The newly announced pensions review presents an opportunity to improve pension adequacy. Addressing the needs of under-pensioned groups is essential.

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Employee Benefits

MARCH 4, 2024

Credit: Natata/Shutterstock Need to know: The abolition of the pensions lifetime allowance in April will require an overhaul of employee communications, and a revaluation of pension scheme design and administration, including opportunities to simplify the scheme and reduce the cost of running it.

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Employee Benefits

SEPTEMBER 19, 2024

for 2024 to 2025. These are all backdated and pensionable. On Wednesday 14 August, a formal offer was received, deemed acceptable by Aslef’s executive committee and put to members. The deal is a no-strings three-phase offer of 5% for 2022-2023, 4.75% for 2023 to 2024, and 4.5%

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Proskauer's Employee Benefits & Executive Compensa

JULY 11, 2022

On July 8, 2022, the Pension Benefit Guaranty Corporation (“PBGC”) published its much anticipated final rule on the special financial assistance (“SFA”) available to certain troubled multiemployer plans under the American Rescue Plan Act of 2021 (“ARPA”). These and other key changes made by the PBGC in the final rule are summarized below.

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McDermott Will & Emery Employee Benefits

AUGUST 29, 2024

The Internal Revenue Service (IRS) recently released a new revenue procedure that outlines how sponsors of defined benefit pension plans should request approval to use plan-specific substitute mortality tables for plan years beginning on or after January 1, 2025.

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Employee Benefits

SEPTEMBER 20, 2023

The Pensions (Extension of Automatic Enrolment) (No. The bill, introduced in the House of Commons by Jonathan Gullis MP and taken through the House of Lords by Baroness Altmann, will see the age at which eligible workers must be automatically enrolled into a pension scheme lowered from 22 to 18. 2) Bill has received Royal Assent.

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McDermott Will & Emery Employee Benefits

DECEMBER 12, 2024

With the 2025 plan year right around the corner, this is the ideal time for plan sponsors to ensure that plan operations comply with evolving legislative and regulatory requirements. This client alert highlights important regulatory changes that will impact retirement plans and health and welfare plans in the coming year. Read more here.

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Workplace Insight

APRIL 22, 2024

A new scheme, Universal Support, aims to assist 25,000 disabled individuals into work by 2025, but its nationwide rollout is delayed until summer. Stephen Timms, chair of a work and pensions committee, acknowledged WHP’s limitations but emphasized its success in helping many find work.

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Employee Benefits

MAY 30, 2023

Whilst more than one in ten (13%) have either stopped or reduced the amount they pay into their pension due to rising costs, worryingly, almost three in ten (29%), admit they may consider stopping payments in the future, and a third (30%) may consider reducing future payments. 2025 UK adults aged 22+ in full time employment were surveyed.

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Workplace Insight

JULY 10, 2024

The findings from this project will be presented to the government in the summer of 2025. Energy Secretary Ed Miliband has discussed the four-day week in a podcast and book, while Work and Pensions Secretary Liz Kendall has shown interest in flexible working.

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Employee Benefits

MAY 2, 2024

The government has published statutory guidance setting out the staged timetable by which it expects pension schemes to connect to the Pensions Dashboards. The timetable is based on scheme size and type and will start with the largest schemes, which will be encouraged to connect by 30 April 2025.

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Workplace Insight

DECEMBER 12, 2023

It comes as new figures today show that 16,061 roles have already been moved out of London, exceeding the commitment to relocate 15,000 roles by 2025 as part of the Places for Growth programme. The UK Government is bringing forward its target to relocate 22,000 civil service roles out of London.

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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.

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cipHR

NOVEMBER 15, 2021

For the 2021/22 tax year (and through to 2025/26), the tax code for most people under 65 who only have one job or pension is 1257L. HMRC stores a history of everyone’s National Insurance contributions (NICs), which builds up entitlement to a basic state pension, under their NI number (which is unique to them). Pension payments.

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Employee Benefits

JANUARY 23, 2024

from January 2025. This is more than the initial offer for 2024 and 2025, which was 8.5% They are stationed at Stanlow, Fawley, Valero, Grangemouth, Mossmorran Oil Refineries and Sellafield Nuclear Facility. The workers will receive an 11.3% rise from this month and at least 5.5% respectively.

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Employee Benefits

MARCH 17, 2023

The Budget contained myriad measures impacting the reward and benefits industry, most notably around pensions, childcare, and both mental and occupational health. This had previously been introduced under pensions simplification legislation in 2006.

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HR Digest

OCTOBER 24, 2024

During which time Boeing used the threat of moving production of the new version of the 777 out of the region to push through a deal that ended traditional pensions. Boeing said during its quarterly earnings call on Wednesday that it expects to burn cash in 2025, even as Ortberg warned there was no quick fix for the ailing planemaker.

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Employee Benefits

JUNE 12, 2024

Dutch software firm AFAS Software has announced that it will introduce a four-day working week for its employees as of 1 January 2025. Their employment conditions, such as their salary , pension, holiday pay and contracted eight working hours a day, will not be affected. It does not plan to recruit more people as a result.

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Employee Benefits

AUGUST 21, 2024

The Living Wage Foundation considers the real cost of living to be £12 per hour and it is expected that, from possibly as early as April 2025, Labour will introduce a flat minimum rate of £12 per hour for everyone aged 18 and over. In return, the employer pays in each employee’s total pension contributions.

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Employee Benefits

SEPTEMBER 16, 2024

They will also receive another pay rise up to the percentage to be applied to the specific spine point in 1 March 2025. The national pay award is one aspect of the overall reward package for our staff, which also incorporates benefits, leave, pension and incremental progression. In July, UCEA made a final pay offer of between 2.5%

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Employee Benefits

NOVEMBER 2, 2023

Making regular contributions into a pension pot is also becoming more of a challenge, with salaries struggling to keep pace with rising costs. WEALTH at work’s research showed that 13% of employees have reduced or stopped their pensions because of rising costs. You can also see their comments below.

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Workers' Compensation

JUNE 17, 2024

Annual COLA adjustments begin July 1, 2025. Benefit amount is reduced by some Social Security benefits and employer disability pensions. Funded from the General Fund, not the Second Injury Fund (SIF) like pre-1980 cases. Phased implementation: 1/3 benefit in year 1, 2/3 in year 2, full benefit in year 3 and onwards.

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Griffin Benefits

JUNE 29, 2023

This rule will apply to employers who have started retirement plans after December 29, 2022, and take effect for plan years starting in 2025. The SECURE Act 2.0 There is an exception for new companies in business for less than three years, employers with 10 or fewer employees, and governmental and church plans. SECURE ACT 2.0

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Proskauer's Employee Benefits & Executive Compensa

DECEMBER 2, 2022

The Revenue Procedure does specify a deadline for applying. Plan sponsors may also seek a determination letter following a plan merger.

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Empuls

JUNE 21, 2024

The plans are protected by federal insurance provided through the Pension Benefit Guaranty Corporation or PBGC.    - The PBGC ensures traditional pension plans to ensure that some benefits are paid even if employers go bankrupt.  However, the contributions are invested on the employee's behalf on their account.

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HR Professionals Magazine

SEPTEMBER 2, 2021

As pensions have gone by the wayside and 401(k) plans have gained more notoriety, employees have become increasingly more aware of their employer sponsored retirement plans, and the financial benefits they provide. With bi-partisan support, it is believed that this extension to 2025 will become permanent. By Jim Trujillo.

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Bayzat

SEPTEMBER 25, 2023

End-of-service benefits in the private sector UAE nationals under full-time contracts are eligible for pensions and end-of-service benefits. Employers must register entitled employees to the General Pension and Social Security Authority pension schemes within 30 days of the employee joining the company.

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Bayzat

SEPTEMBER 4, 2024

Now, over 12,000 companies with 20-49 employees across 14 industries are required to employ at least one local citizen in 2024 and another in 2025. As of 2025, the quota jumps to at least two local citizens. Companies with 50+ employees will be forced to pay AED6,000 monthly, increasing by AED1,000 by 2025.

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McNees

JANUARY 13, 2023

High Deductible Health Plans can continue to waive the deductible for any telehealth services for plan years beginning before January 1, 2025. Below is a high-level list of the provisions of the Act which are effective in 2023 and which may affect your plan: Welfare Benefit Plans. Retirement Benefit Plans.

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Benefits Notes

MARCH 31, 2021

Single Employer Pension Plan Provisions. The ARPA contains two funding relief items that benefit single employer pension plans. Arguably the most significant provision of the ARPA from an employee benefits perspective is the creation of the financial assistance program under the PBGC for troubled multiemployer pension plans.

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Workplace Insight

DECEMBER 14, 2023

Even so, Cushman & Wakefield expects the mismatch between supply and demand to persist until at least 2025 when 4 million sq ft of lab buildings are due to be completed. It also laid out changes to planning rules to free-up lab space and create a route for the East West Rail line, to improve connections between Oxford and Cambridge.

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