At a glance: reward and benefits headlines this week 12-18 October 2018
The headlines you might have missed between 12-18 October.
Four in five UK employees suffer from stress, a quarter of these find it unmanageable
Employee Benefits: The majority of employees in the UK (80%) are suffering from stress, and over a quarter of those (28%) consider their work-related stress to be unmanageable, according to research by health insurance organisation Cigna. Read story
Two-thirds of UK employees want employers to help them plan for retirement
Employee Benefits: Around two-thirds (64%) of UK employees, and 51% of staff approaching retirement, want their employer to help them plan for retirement, according to research by financial services organisation State Street Global Advisors (SSGA). Read story
96% of employers offer employee assistance programmes as a core benefit
Employee Benefits: Employee assistance programmes (EAPs) are offered as a core benefit by 96% of employers, according to research by Employee Benefits and Health Shield. Read story
Redrow rolls out health and wellbeing programme to subcontractors
Employee Benefits: Housebuilding organisation Redrow has extended its ‘my life’ health and wellbeing programme to all subcontractor partners and their families. Read story
TPR fines Salvus trustees £5,000 over non-investment of £1.4m in pension contributions
Employee Benefits: Four trustees of Salvus Master Trust have been fined a total of £5,000 by The Pensions Regulator (TPR) for failing to promptly invest members’ savings for three years. Read story
Treasury rejects tax relief reform citing 'significant impact' on schemes
Professional Pensions: The government has rejected the Treasury Committee's call for fundamental and incremental changes to pensions tax relief, noting there is "no clear consensus”. Read story
Nick McClelland: Why wellbeing is a productivity issue
Corporate Adviser: Employee wellbeing has moved from nice-to-have to business critical says JLT Employee Benefits director Nick McClelland. Read story
Businesses risk ‘chronically compromising’ employee wellbeing, says psychologist
People Management: Organisations urged to stop treating mental health investment as an ‘act of philanthropy’. Read story
Is it time to rethink your rewards strategy?
Incentive and Motivation: James Malia, Director of Employee Benefits at Sodexo Engage, asks how organisations can make incentives work harder for their business. Read story
Should your company consider incentive travel to boost employee performance?
Incentive and Motivation: A well planned, attractive and rewarding employee recognition and reward program is the best way to boost employee performance. Read story
Royal Mail workers lose money after drop in share price
Personnel Today: Hundreds of Royal Mail employees with free shares in the company have lost money because of a dramatic fall in its share price. Read story
Three-quarters of staff experience pay ‘volatility’
Personnel Today: Almost three-quarters (73%) of workers see their income fluctuate from month to month, with lower earners at more risk of pay volatility. Read story
Employers would back Budget changes to simplify pension tax
Corporate Adviser: There is strong employer support for a simplified pension tax regime, according to a new report. Read story
TPR and PLSA reveal AE contribution hike has had minimal impact on opt-outs
Professional Pensions: The increase in minimum auto-enrolment (AE) contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows. Read story
Teachers' union members vote to strike over pension changes
Professional Pensions: GMB members working for the National Association of Schoolmasters Union of Women Teachers (NASUWT) have voted for strike action over proposed changes to their defined benefit (DB) pension scheme. Read story
Around three-quarters of employees with a steady job have volatile pay
Employee Benefits: Around three-quarters (73%) of employees with a steady job have volatile pay or notable changes in monthly pay that can be attributed to more than just pay rises, promotions or bonuses, including at least one notable downward change in monthly pay, according to research by thinktank The Resolution Foundation. Read story
A quarter value flexibility at work more than a pay rise
Employee Benefits: A quarter (25%) of respondents state that no increase in salary would make them forgo flexibility at work, according to research by workforce management software organisation Quinyx. Read story
More than half intend to increase focus on communicating benefits
Employee Benefits: More than half (51%) of employers intend to place a greater emphasis on communicating benefits in the next 12 months, while just over two-fifths (41%) say they have already done so in the past year, according to research by Employee Benefits and Health Shield. Read story
Southwark Council launches premature baby leave
Employee Benefits: Southwark Council has launched premature baby leave for its 4,500 employees, to help support working parents and give prospective parents peace of mind. Read story
Pension tax cuts cost 125,000 savers relief
Money Marketing: Around 125,000 savers lost out when the annual allowance limit was cut from £50,000 to £40,000 in the 2014/15 tax year, according to government documents. Read story
Three-quarters support pension tax relief changes if they help lower income employees
Employee Benefits: Three-quarters (75%) of employers would support changes to the pensions tax relief system if this would provide more help to lower income employees, according to research conducted by the Association of Consulting Actuaries (ACA). Read story
Three-quarters find it difficult to balance family and work commitments
Employee Benefits: Three-quarters (75%) of respondents find it difficult to balance their work and family commitments, according to research by health insurer Benenden Health. Read story
Euromoney launches family support benefit for 850 UK staff
Employee Benefits: Global financial information organisation Euromoney has launched a new family support benefit for its 850 UK-based employees in order to support staff in fulfilling their potential at work. Read story
Fears grow over GMP equalisation hit on corporate profits
Professional Pensions: A looming court decision on gender equalisation of pension schemes could hit FTSE 100 profits by up to £15bn, Lane Clark and Peacock (LCP) says. Read story
PPF admits it does not know precise cost of ECJ ruling
Professional Pensions: The Pension Protection Fund (PPF) has conceded it does not have "all the data we need to calculate" the impact of last month's ruling that some benefits may be unlawful. Read story
Pension freedoms could rake in £19.2bn of tax over next decade
Professional Pensions: Pension freedoms could generate as much as £1.9bn a year in tax revenue for the next 10 years, according to research by the Pensions Policy Institute (PPI). Read story
Workplace financial advice ‘could save employers money’
Corporate Adviser: Chase de Vere research says NI savings could cover cost of providing financial advice for employees. Read story
Master trust members unfazed by AE increases
Pensions Expert: Savers auto-enrolled into a pension scheme are not dropping out of their plan any faster when nudged toward saving more money each month, according to the Pensions and Lifetime Savings Association. Read story
One in four gender pay gap reports non-compliant
Personnel Today: A quarter of gender pay gap reports submitted for the 2018/19 reporting period are non-compliant, according to independent analysis. Read story
Pay growth at highest rate for almost 10 years
Personnel Today: Wage growth in the UK is at its highest in almost 10 years, according to the Office for National Statistics. Read story
Eugene Farrell: The value of employee assistance
Cover: AXA PPP healthcare's corporate mental health lead explores the workings of the recently launched EAP ROI calculator - and how it can benefit advisers. Read story
State pension given boost by lower inflation figures
Money Marketing: The state pension is set to increase by 2.6 per cent from April next year after inflation fell more than expected in September. Read story
53% favour employers that positively contribute to their wellbeing
Employee Benefits: More than half (53%) of respondents favour employers that positively contribute to their wellbeing, even if it means they earn less money, according to research by actuarial firm Hymans Robertson and lifestyle insurance organisation Yulife. Read story
Two-thirds provide support and counselling services to employees
Employee Benefits: More than two-thirds (69%) of organisations provide support and counselling services to some or all of their employees, making this the highest-ranking type of health benefit, according to research by Employee Benefits and Health Shield. Read story
NASUWT staff begin series of one-day strikes over pay and pensions
Employee Benefits: Around 140 employees of the NASUWT teaching union are staging a series of three one-day strikes over pay and changes to pensions. Read story
Lifetime allowance to rise to £1.05m as inflation falls to 2.4%
Professional Pensions: The lifetime allowance will rise to £1,054,800 from April next year as the Office for National Statistics (ONS) recorded inflation at 2.4% in the year to September. Read story
Older workers’ training options ‘very, very thin’
People Management: CIPD acting chief economist tells peers older people are being trapped in dead-end jobs. Read story
Clubs and activities top popularity poll for workplace perks
Employee Benefits: Extracurricular clubs and activities are the most desired workplace perks, according to research by employee benefits platform Perkbox. Read story
Taking an overseas job adds an average of $21,000 to a worker’s salary
Employee Benefits: The average individual taking an overseas job adds $21,000 (£15,995.70) to their annual salary when they move, according to research commissioned by HSBC Expat. Read story
Four in 10 UK employees want a flexible reward package
Employee Benefits: More than four in 10 (43%) UK workers want a flexible reward package and the ability to control their benefits, according to research carried out by payroll and HR service provider SD Worx. Read story
Bain and Company tops workplace rankings for culture and leadership
Employee Benefits: Management consultancy Bain and Company is the organisation with the best workplace culture and leadership in the UK, according to research by the Chartered Management Institute (CMI) and website Glassdoor. Read story
How the UK's biggest DC default funds are performing
Professional Pensions: In the second edition of AE Watch, Maria Nazarova-Doyle looks at the performance of the UK's largest DC default funds. Read story
TPR and FCA to review consumer pensions journey in joint strategy
Professional Pensions: The Pensions Regulator (TPR) and Financial Conduct Authority (FCA) have outlined plans to better understand the consumer pensions journey as they launch their joint strategy. Read story
DC survey: Members want 'personal' and 'positive' communication
Professional Pensions: Some 70% of defined contribution (DC) members want to know their scheme is personalised and tailored to their needs, an Invesco language study reveals. Read story
Govt and regulators back simplified pension statement
Corporate Adviser: A new simplified annual statement template has been launched to improve understanding of retirement savings and raise the proportion of statements that are read and understood above its current level of 14 per cent. Read story
Opperman slams 100-day DC pension transfers
Corporate Adviser: Transfer times of up to 100 days for DC pensions are unacceptable and the industry must work to a 21-day turnaround says Guy Opperman, minister for pensions and financial Inclusion. Read story
Australian-style pension targets needed
HR Magazine: PLSA policy board chair Emma Douglas called for retirement income targets to encourage employees to boost their savings. Read story
Rise of the ‘total rewards’ era with flex benefits most wanted for employees
Incentive and Motivation: Employees and employers prefer variable pay and flexi benefits with salary, according to a new report by human resources firm TeamLease Services. In fact, the variable pay for senior management has risen to 25-30 percent from 18-20 percent. We took a look at some of the interesting stats from the research. Read story
The latest employee benefit trends
Incentive and Motivation: What are the latest employee benefit trends? We thought that the best person to ask would be the HR Director at one of the leading UK provider of employee services, Personal Group. Luckily, she had 3 key takeaways you can implement today. Read story
Employers and the government ‘must do more’ to tackle mental ill-health
People Management: MPs identify need for workplaces to develop ‘preventative strategies’. Read story