At a glance: reward and benefits headlines this week 20-26 March 2020
The headlines you might have missed between 20-26 March 2020.
Being happy is the most important aspect of a job
HR Review: Nearly two-thirds of UK employees say being happy is the most important aspect of a job, however, almost nine-tenths feel their employer could do more to improve morale in the workplace. Read story
TPR unveils emergency measures – regulatory initiatives paused, payments must be made
Corporate Adviser: The Pensions Regulator is suspending regulatory initiatives but says employers must continue contributing into pension schemes, as the Government puts the UK on lockdown. Read story
Coronavirus Blog: Government to pay up to 80% of wages to stop job losses
Professional Pensions: The government will pay up to 80% of salaries for employees who are asked to stop working but kept on company payroll. Read story
TPR urged to take pragmatic approach for looming valuations
Professional Pensions: The Pensions Regulator (TPR) must adopt a “pragmatic” approach to the 15% of UK schemes that have valuation dates within the next three weeks, Aon has said. Read story
TPR issues updated coronavirus guidance for trustees
Professional Pensions: The Pensions Regulator has published updated guidance for those it regulates and has also suspended all its regulatory initiatives. Read story
Coronavirus: how can employers avoid redundancies?
People Management: People Management explains seven options that businesses struggling financially in the wake of Covid-19 can consider when faced with laying off staff. Read story
Staff anxiety the biggest coronavirus challenge for businesses, survey finds
People Management: Second People Management and CIPD poll shows employers are concerned about staff wellbeing and employees not being able to work from home during the outbreak. Read story
Working from home: Spotify survival guide
Employee Benefits: Working from home can be lonely, particularly when self-isolation is thrown into the mix. Read story
Two-thirds of UK staff feel they can work effectively from home
Employee Benefits: Just over two-thirds (67%) of UK employees feel that technological advancements allow them to adopt flexible and home working while continuing to be effective in their job, according to research by Glassdoor. Read story
Manchester United continues to pay staff despite season postponement
Employee Benefits: Football team Manchester United will continue to pay all match day and non-match day casual staff, even if Premier League games are cancelled or played behind closed doors for the remainder of this season due to the Covid-19 (Coronavirus) outbreak. Read story
JCB employees to receive full pay during week-long site closures
Employee Benefits: Manufacturing and construction organisation JCB will ensure employees receive full pay during its week-long shutdown due to the Covid-19 (Coronavirus) outbreak. Read story
Amazon increases pay by $2 per hour during Coronavirus crisis
Employee Benefits: Technology organisation Amazon is to offer employees an extra $2 (£1.70) per hour during the Covid-19 (Coronavirus) pandemic. Read story
Staff receive BIG bonus due to coronavirus outbreak
HR Grapevine: With the UK Government advising the British public to abstain from venturing out to public places such as bars, pubs, restaurants and cafes, people aren’t spending money and many businesses are struggling as a result. Read story
Third of employers expect COVID-19 to impact worker contracts
Cover: REBA survey reveals UK employers planning to reduce working hours, impose leave or cut pay. Read story
Survey highlights need for health and wellbeing benefits flexibility
Personnel Today: More than half of employees say the benefits package offered to them does not meet their needs, highlighting the need for employers to give workers flexibility over the health, wellbeing and lifestyle benefits they provide. Read story
WPA offers new GP service
Corporate Adviser: WPA is giving all corporate, SME and retail customers access to a new remote GP service. Read story
Axe MPAA to help investors hit by Covid fallout: Webb
Corporate Adviser: Former pensions minister Steve Webb called for the Treasury to relax rules which could act as a barrier to people seeking to rebuild their pensions when the current Covid-19 crisis is over. Read story
Video: TPR's David Fairs on employers suspending deficit contributions
Professional Pensions: In a video shared with Professional Pensions, XPS Pensions Group co-chief executive Paul Cuff speaks to The Pensions Regulator executive director David Fairs about employer suspension of deficit contributions and other regulatory guidance in the current crisis. Read story
Plumbers’ scheme braced for legal battles over employer debts
Pensions Expert: Trustees of the £2bn Plumbing and Mechanical Services (UK) Industry Pension Scheme have asked a Scottish court to let them use plan assets to fund legal battles, after an unnamed participating employer commenced action against the fund. Read story
Fifth of employers still do not have a coronavirus business contingency plan, survey finds
People Management: Follow-up People Management and CIPD poll reveals some companies haven’t ‘grasped the seriousness’ of the outbreak. Read story
Job retention scheme could create resentment among staff still working, experts warn
People Management: Questions also raised around how unscrupulous firms will be stopped from gaming the system, as government announces plan to pay employees facing redundancy 80 per cent of wages. Read story
IWGB takes legal action against government for Coronavirus response
Employee Benefits: The Independent Workers Union of Great Britain (IWGB) is launching legal action against the UK government, arguing that it is failing to protect the wages and job security of millions during the Covid-19 (Coronavirus) outbreak. Read story
Kroger pays $300 bonus to full-time front-line employees
Employee Benefits: American retail chain Kroger will provide a one-time bonus to all hourly grocery, supply chain, manufacturing and customer service employees, to recognise their hard work dealing with the high demand for products during the Covid-19 (Coronavirus) outbreak. Read story
Starbucks will continue to pay employees not working during Coronavirus pandemic
Employee Benefits: American coffeehouse chain and coffee retailer Starbucks will pay its employees for the next 30 days, regardless of whether they choose to stay at home, to ensure any staff that come into work are not doing so because of financial pressures, and to help prevent the spread of Covid-19 (Coronavirus). Read story
Govt relaxes NHS pension rules as retired staff return
Money Marketing: The government wants to make specific changes to NHS pension scheme rules to help recruit staff to tackle coronavirus. Read story
School closures: Employers should consider 'alternative arrangements'
Cover: XpertHR offers guidance to employers with employees affected by school closures during coronavirus. Read story
Pension transfers should be halted for six months – Altmann
Pensions Age: Former Pensions Minister Ros Altmann has called for pension transfers to be put on hold for six months to combat the growing risk of scams and to help stabilise schemes. Read story
Low pay rises predicted for the year ahead
HR News: At the beginning of 2020 pay rises fell to their lowest level in more than a year, and now employers tell us that they expect settlements to remain subdued through the months ahead, finds the latest research from pay analysts XpertHR. Read story
UK lockdown: ‘all employers can do is stand by their staff’
HR Review: Following yesterday’s evening (23/03/20) announcement by the Prime Minister Boris Johnson, he has officially put the UK on lockdown stating “you must stay at home.” Read story
MPs’ scheme under fire for dragging feet on climate change
Pensions Expert: The pension scheme for MPs is not doing enough to combat the risks posed by climate change, according to a divestment campaign backed by more 360 current and former parliamentarians. Read story
Employers criticised for asking staff to work amid lockdown
People Management: Experts urge firms not to ‘put profit over people’ as some consider remaining open and requesting workers to send children to school despite strict new measures. Read story
ITV ordered to offer financial support to Box Clever pension scheme by TPR
Employee Benefits: Following an eight year long legal challenge against The Pensions Regulator (TPR), television broadcasting organisation ITV has been given a six month deadline to provide financial support for the Box Clever pension scheme. Read story
Wilko pushes back sick pay changes due to Coronavirus pandemic
Employee Benefits: Having previously announced an end to sick pay for staff of less than a year’s tenure, homeware and household goods chain Wilko Retail has pushed back this change and stated that it will continue to pay sick pay to all staff who are absent due to Covid-19 (Coronavirus). Read story
Tesco Ireland employees recognised for hard work with 10% bonus
Employee Benefits: Supermarket chain Tesco Ireland is giving a 10% bonus to employees working across its stores and distribution centres, to recognise their efforts dealing with the increasing demand for supplies during the Covid-19 (Coronavirus) pandemic. Read story
Coronavirus Bill: Pensions of returning NHS staff will not be reduced
Pensions Age: Recently retired NHS staff who return to work to help in the fight against COVID-19 will not have their pension reduced, the government has confirmed. Read story
Companies should not lose sight of equality as gender pay gap reporting suspended
HR Review: As the publishing of gender pay gap reporting has been suspended this year due to COVID-19, people have warned businesses should “not lose sight of the importance of gender equality”. Read story
Government suggests Statutory Self-Employment Pay as COVID-19 spreads
HR Review: The Government has suggested implementing Statutory Self-Employment Pay, as people were calling out for financial assistance to those who are self-employed as they too will find it hard to continue paid work due to the spread of COVID-19. Read story
Mercer calls for deficit contribution halt to help struggling pensions system
Professional Pensions: The continuation of pension deficit contributions is unattainable during the Covid-19 pandemic, Mercer has told The Pensions Regulator (TPR). Read story
UPDATED: 'Beleaguered and bewildered' pensions industry begs TPR for clearer Covid-19 guidance
Professional Pensions: The Pension Regulator’s (TPR) updated guidance has been met with some criticism from the industry, which is urging more action as the UK enters Covid-19 pandemic lockdown. Read story
Northumberland and Tyne and Wear schemes plan merger
Pensions Expert: The government is planning to merge the Northumberland County Council Pension Fund into the Tyne and Wear scheme, in a move that would generate savings of up to 12 per cent a year. Read story
Gender pay reporting requirement suspended this year
People Management: Equalities watchdog says it will not take action against businesses that do not submit data to lessen the burden on organisations responding to coronavirus. Read story
Suspending gender pay gap reporting obligations a ‘mistake’, say experts
People Management: Coronavirus will disproportionately affect women in the workplace, commentators warn, so keeping diversity and inclusion on the agenda is more important than ever. Read story
Two-fifths of those offered ‘pawternity’ benefits agree they boost productivity
Employee Benefits: Two-fifths(41%) of employees who are offered time off to take care of new pets, or ‘pawternity’, agree that they are more productive as a result, according to research by Flexioffices. Read story
Superdrug, Savers and Perfume Shop create £40 million fund for pay during Coronavirus
Employee Benefits: International health and beauty retailer AS Watson Group will provide a support package worth £40 million, to ensure employees are paid through the Covid-19 (Coronavirus) pandemic. Read story
Workers at THESE firms receive a 'crisis' bonus
HR Grapevine: With the UK now in a three-week lockdown, as announced by Prime Minister Boris Johnson earlier this week, some businesses are struggling to cope financially with little or no customers to serve. This, sadly, may result in some of the workforce being laid off. Read story
The good, the bad and the ugly of workplace wellbeing
Workplace Insight: FTSE companies that prioritise wellbeing and engagement outperform others by 10 percent according to a study from SOMA Analytics. Similar results are apparent across a range of related studies. With such a significant impact, it’s surprising that businesses are still not measuring the impact of wellbeing activities to optimise their offering. Read story
IFAs call for AE holidays for struggling clients
Money Marketing: The government should suspend auto-enrolment contributions to help struggling businesses stay alive. Read story
More than 9 in 10 employers have pension concerns
Pensions Age: More than nine out of 10 (94 per cent) of employers are facing pension challenges, according to new research from Smarterly. Read story
Age discrimination case could leave millions needing costly advice – Webb
Corporate Adviser: A consultation into how the government can compensate members for age discrimination in public sector pension schemes could leave millions needing expert financial advice, former minister Steve Webb has warned. Read story
Pension cashflow challenges flagged for 94% of employers
Professional Pensions: Almost all employers are now facing challenges when providing their staff with a workplace pension, according to Smarterly. Read story
Exclusive: Alternatives and ESG floundering in DC investment
Professional Pensions: Defined contribution (DC) schemes are mostly content with the current asset classes available despite the industry’s push into proving members can benefit from diversified investments underpinned by strong ESG integration. Read story
Brookshire Grocery employees receive one-time bonus and pay increase
Employee Benefits: Texas-based supermarket chain Brookshire Grocery Company (BGC) has awarded employees a one-time bonus to reward them for their efforts during the Covid-19 (Coronavirus) pandemic. Read story
Eight in 10 employers pay more than statutory sick pay requirements
Employee Benefits: Eight in 10 (80%) employers are providing staff with sick pay at a level over and above statutory amounts during the Covid-19 (Coronavirus) outbreak, according to research by Lewis Silkin. Read story
Vulnerable Asda employees to receive 12 weeks of pay while self-isolating
Employee Benefits: Supermarket retailer Asda has committed to pay employees in full for 12 weeks if they are classed as vulnerable and therefore need to self-isolate due to the Covid-19 (Coronavirus) pandemic. Read story
Rolls-Royce aligns executives' pensions with workforce's
Pensions Age: Rolls-Royce has announced it will be reducing the pension contributions for newly appointed executive directors from a maximum of 25 per cent to 12 per cent, in line with its broader new hire rate. Read story
FCA delays DB transfer rules update by up to 6 months
Pensions Age: The Financial Conduct Authority (FCA) has delayed the implementation of its proposed changes to defined benefit (DB) pension transfers by up to six months. Read story
The Coronavirus lockdown: an employer’s duty of care for remote workers
HR News: On 23 March, the UK Government implemented a ‘lockdown’ in response to the Coronavirus crisis. In light of these restrictive measures, employers will need to take a practical and flexible approach if their employees must now work from home. Read story