2028 Employee Benefits Salary 
Employee Benefits
FEBRUARY 22, 2023
Car salary sacrifice arrangements remain a popular employee benefit; in its January 2023 Leasing Outlook , the British Vehicle Rental and Leasing Association (BVRLA) found a 20.5% year-on-year increase in company cars funded through salary sacrifice to quarter three in 2022. What are car salary sacrifice schemes?
Employee Benefits
FEBRUARY 15, 2024
The Welsh government has partnered with employee benefits provider Vivup for the managed service provision of its employee benefit schemes. The post Exclusive: Welsh government rolls out new employee benefits framework appeared first on Employee Benefits.
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Employee Benefits
MARCH 6, 2024
Spring Budget 2024: The government is to cut employee national insurance contributions (NICs) by two pence, falling from 10% to 8% from 6 April. When combined with the cuts announced in the Autumn Statement 2023, the OBR expects that total hours worked will increase by the equivalent of around 200,000 full-time workers by 2028-29.
Employee Benefits
FEBRUARY 21, 2024
As of 6 January 2024, the cut means that all employees who currently pay NIC will benefit. The extent of the savings will depend on an employee’s salary , with annual savings of £457 for employees on average earnings of £35,400 and £754 for employees earning over £50,270 per annum. Is it all good news?
Employee Benefits
APRIL 22, 2024
Employers should ask employees about their financial pressures to understand how to support them. A salary sacrifice arrangement can support employees who are dealing with the impact of fiscal drag. Supportive benefits A salary sacrifice arrangement can provide a tax-efficient way for employees to manage fiscal drag.
Employee Benefits
FEBRUARY 14, 2024
The UK government plans to increase the retirement age from 66 to 67 by 2028 and 68 by 2044, with experts believing it may eventually rise to 71 (Workplace Wellbeing Professional). Whilst employees can still choose to retire early, if they have the means, they won’t be able to access their government pension till much later.
Employee Benefits
AUGUST 22, 2023
Under UK pension rules, 8% of an employee’s aggregate salary should be put into a pension plan. Using an annual salary of £50,000 as an example: • £208.33 from the employee (including of tax relief) • £125 from the employer Yet, employers might opt to exceed the 3% benchmark. Of this, employers must fund at least 3%.
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