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How to determine pay raises for employees in 2022

Business Management Daily

That means it’s a great time to start thinking about pay raises. Pay raises are particularly important going into 2022 as turnover rates continue to soar. Employees that feel undervalued or underpaid will not stick around long, so do your best to provide annual salary raises. How to determine pay raises.

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Salary Sacrifice

Sodexo Engage

That’s before Payroll processes the tax and NIC calculations. Reducing the Gross pay amount lowers the tax and NIC contributions the employee and employer must make. With a salary sacrifice scheme, employers take the monthly repayment amount from an employee’s salary at the Gross level.

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A Look at Deferred Compensation Plans

Patriot Software

For many employees, generous benefits are more important than pay raises. Learn what a deferred comp plan is, which types you might offer, how they benefit both employees and you, how deferred compensation tax works, and how to […] READ MORE.

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Promotion without a raise? Experts weigh in

HR Digest

The hope of getting a pay raise with promotion is a less-attractive proposition these days. As the coronavirus outbreak spreads, many workers’ will find themselves getting a promotion without a raise than a salary increase with no promotion. There are a handful of reasons why employers give promotions without raises.

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Paul Gilshan: Are employee benefits as important as salary?

Employee Benefits

One of the most significant advantages of this type of employee benefit is that they are often tax-free. For example, deductions for childcare vouchers or for a salary sacrifice car arrangement are made from pre-tax salary, which means that the money is not subject to income tax and national insurance.

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Choosing the best workplace pension for your business

Employee Benefits

You can aid your employees and business in saving considerable amounts: If you neglect to periodically review your pension, your company might be losing money that could be allocated towards pay raises or bonuses. More complex aspects like varying tax relief methods and payroll integration will be covered later.

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Improving Employee Financial Wellbeing in the Face of Economic Uncertainty

Employee Benefits

It is often equated with providing higher wages or across-the-board pay raises. With salary sacrifice, employees save money on National Insurance and effectively end up paying less for their chosen benefit than if they’d bought it independently. This tax-friendly incentive should not be overlooked.

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