Employee Benefits
AUGUST 22, 2023
UK Workplace Pension Regulations: What Every Employer Should Know In the dynamic landscape of finance, grasping the nuances of workplace pension regulations might be daunting. A pension serves as a cornerstone for ensuring comfort and security in retirement. But is every business obliged to offer a pension?
Employee Benefits
FEBRUARY 15, 2024
Launched this week and set to run until 2028, with break clauses at the end of years two and three, the managed service provision framework includes a fully managed service and individual services for employee benefit schemes, covering a range of salary sacrifice and voluntary deduction arrangements.
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Workers' Compensation
JUNE 17, 2024
Benefit amount is reduced by some Social Security benefits and employer disability pensions. Phased implementation: 1/3 benefit in year 1, 2/3 in year 2, full benefit in year 3 and onwards. Bill does not affect existing offsets between workers' compensation and Social Security disability benefits.
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
APRIL 22, 2024
In his Autumn Statement last November, Chancellor Jeremy Hunt extended the freeze on national insurance (NI) and income tax rate thresholds until April 2028. Employers that offer such arrangements enable staff to save both the income tax and national insurance on any payments into their pension or for a bikes-for-work scheme, for example.
HR Digest
OCTOBER 30, 2023
Ford, UAW Reach Tentative Labor Deal on Wages According to the UAW contract, workers should soon see a 25 percent wage increase that will be paired with the cost of living adjustments (COLA) that could push the pay rise above 30 percent by 2028. Current retirees should see a five-part $500 annual bonus.
Employee Benefits
NOVEMBER 17, 2022
Autumn budget 2022: The government has confirmed that the pensions triple lock and credit will be protected, and rise by 10.1% Chancellor of the exchequer Jeremy Hunt told the House of Commons that the state pension will be uprated by inflation, rather than in line with average earnings growth , in line with its triple lock commitment.
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