At a glance: reward and benefits headlines this week 1-6 May 2020
The headlines you might have missed between 1-6 May 2020.
Doctors paid less than train drivers as key workers salary revealed
HR Review: Despite doctors being seen as a pivotal key worker in the fight against COVID-19, they are paid less than train drivers who are paid the highest salary out of this new group. Read story
DB funding - April 2020: Deficits down in turbulent market
Professional Pensions: Every month, several firms issue trackers of the aggregate defined benefit (DB) scheme funding position. See here for the April 2020 estimates on the various measures. Read story
Two-thirds of businesses have furloughed employees, ONS figures show
People Management: Experts say high uptake of the government’s job retention scheme shows it is ‘staving off large-scale job cuts’. Read story
Leonardo Electronics completes £160 million pension scheme buy-in
Employee Benefits: Electronics organisation Leonardo Electronics has completed a £160 million buy-in pension scheme with Just Group. Read story
Transport for Greater Manchester and EDF furlough staff on full pay
Employee Benefits: Transport for Greater Manchester (TFGM) and energy organisation EDF Energy have furloughed their employees on 100% pay during the Covid-19 (Coronavirus) pandemic. Read story
Ryanair restructure will affect pay for up to 3,000 employees
Employee Benefits: Irish budget airline Ryanair is making plans to restructure the organisation, which may affect the pay of 3,000 of its employees. Read story
Savers reclaim £32.7m in overpaid pension freedoms tax
Pensions Age: Pension savers reclaimed £32.7m in overpaid tax from their first pension freedoms withdrawals in Q1 2020, according to HMRC data. Read story
Keeping your company culture whilst working remotely and the impact on the future
HR News: The recent outbreak of Coronavirus has had an impact on all of us and the industries we work in. Whether it’s the social distancing, the reduced shop opening hours or having to diversify ways of working, we’re all having to adapt our lives dramatically. But this doesn’t mean we need to be disconnected from one another. Read story
Government releases draft of how UK may return to work
HR Review: The Government has released draft guidelines on how the UK can return to work following the COVID-19 lockdown, which includes reduced hot-desking and alternatives to social distancing where impossible to implement. Read story
Extend NHS scheme pays deadline, government urged
Professional Pensions: The government has been urged to extend the scheme pays deadline for NHS Pension Scheme members in light of the Covid-19 crisis. Read story
Jet2 asks employees to take 30% pay cut for six months
Employee Benefits: UK Airline Jet2.com Limited (Jet2) has asked employees to take up to a 30% voluntary pay reduction to deal with the financial ramifications of the Covid-19 (Coronavirus) pandemic. Read story
64,600 Welsh care home employees receive £500 pay reward
Employee Benefits: 64,600 Welsh care home and personal care employees will receive a £500 payment to reward them for their hard work during the Covid-19 (Coronavirus) pandemic. Read story
48% of employers improve employee wellbeing during Covid-19
Employee Benefits: Almost half (48%) of employers have improved their wellbeing strategies since the Coronavirus pandemic has forced the majority of employees to work from home, according to research by fit4thefight. Read story
One-third of employers offer team activities to support employee wellbeing
Employee Benefits: Just over one in three (35%) of employers are setting up virtual team and social activities to support employees’ mental health during the Covid-19 (Coronavirus) pandemic. Read story
Staff engagement 'higher than it was' before pandemic
Cover: HR departments begin to report that less of their time is being spent purely on COVID-19 response. Read story
More employees felt positive than negative in April, despite lockdown
Personnel Today: There were more employees who felt mentally and emotionally positive during April than felt negative, despite the coronavirus restrictions imposed upon them. Read story
Majority of ‘large’ DB schemes now closed to future accrual
Pensions Age: The majority of defined benefit (DB) schemes with over £1bn of assets are now closed to future benefit accrual for the first time, according to data from Barnett Waddingham. Read story
Employee productivity “resilient” despite Covid-19 disruption
Corporate Adviser: Despite widespread disruption caused by Covid-19, employee productivity remains remarkably resilient, according to new research. Read story
Deloitte launches consultation on reducing pension contributions
Professional Pensions: Deloitte has launched a consultation with employees in plans to slash employer pension contributions by nearly two-thirds for 12 months. Read story
HR managers fear rise in staff absence due to mental ill-health during lockdown
People Management: Survey of people professionals and workers highlights concerns that home working is causing a rise in employee burnout and ‘e-presenteeism’. Read story
Squire Patton Boggs to reduce associates’ pay by 20%
Employee Benefits: Law firm Squire Patton Boggs is reducing pay for associates globally to deal with the financial constraints of the Covid-19 (Coronavirus) pandemic. Read story
US Women’s National Team equal pay claim dismissed by court
Employee Benefits: Female football professionals who play for the Women’s National Team (WNT) under the United States Soccer Federation (USSF) have had an equal pay claim dismissed by a court after filing a lawsuit against the USSF over violations of the Equal Pay Act. Read story
Three quarters of workers want the choice to work from home after lockdown
Workplace Insight: Seventy-seven percent of the workforce say they want to continue to work from home, at least weekly, when the pandemic is over. Read story
How COVID-19 will affect employee benefits and SMEs
Employer News: As businesses continue coming to term with the short and long term impact of Covid-19, there are several positive steps businesses can take to safeguard themselves against similar crises in future, writes Neill Fallon, COO and Co-Founder of Eppione. Read story
Punter Southall Aspire to withdraw from master trust market
Pensions Age: Punter Southall Aspire has announced that is withdrawing from the master trust market and is seeking a “suitable home” for Aspire Savings Trust members. Read story
Flexible working post lockdown could intensify competition to attract and retain staff
HR Review: Nearly two-thirds of UK workers are willing to live up to an hour away from their office if they implement flexible working, which may intensify competition to attract and retain staff post-lockdown. Read story
Minority of DB schemes suspend deficit repayments and transfers
Corporate Adviser: Only 5 to 10 per cent of sponsoring companies are expected to suspend or reduce deficit contributions into DB pension schemes, according to research from the Society of Pension Professionals. Read story
44% of employers have increased benefits communication during Covid-19
Employee Benefits: Just over two in five (44%) of employers have increased employee benefits communications, according to research by Wills Towers Watson. Read story
Deloitte reduces pension contributions to 4.5% for all 19,000 UK employees
Employee Benefits: Professional services organisation Deloitte is in discussions with its 19,000 UK employees to reduce their pension contributions, as a response to the Covid-19 (Coronavirus) pandemic. Read story
Lowe’s rewards 300,000 front-line employees with special bonus payment
Employee Benefits: US retail store Lowe’s is rewarding its 300,000 employees a special payment to thank them for their hard work during the Covid-19 (Coronavirus) pandemic. Read story
ITV agrees DRC suspension with pension trustees
Pensions Age: ITV has agreed to defer £15m of deficit recovery contributions (DRC) into its pension schemes for a period of three months. Read story
Don’t overlook employees’ financial concerns during Covid-19
HR News: Covid-19 is putting a lot of pressure on many aspects of employees’ lives, and financial worries are often at the core. Read story
Has COVID-19 created new inequalities in the UK workforce?
Incentive and Motivation: Richard Clarke, partner and head of the City Agency & Development team at Matthews & Goodman, has raised an interesting question in relation to the impact the coronavirus pandemic has had on workplace equality. Read story