At a glance: reward and benefits headlines this week 5-11 January 2018
The headlines you might have missed between 5-11 January.
Alex Cunningham resigns as shadow pensions minister
Professional Pensions: Shadow pensions minister Alex Cunningham has resigned from his post, his office has confirmed to Professional Pensions. Read story
Aldi to increase pay for 5,000 UK store assistants
Employee Benefits: Supermarket organisation Aldi is to increase its minimum hourly rate of pay for more than 5,000 UK-based store assistants from 1 February 2018. Read story
Wunderman UK launches wellbeing programme for London staff
Employee Benefits: Global digital agency organisation Wunderman UK has launched a new wellbeing programme for its 400 London-based staff, which includes the completion of an on-site wellness studio. Read story
McDonald’s recommends pay increase for 115,000 UK staff
Employee Benefits: Restaurant organisation McDonald’s has recommended a pay increase for its 115,000 UK employees working across its 1,200 national franchised restaurants, effective from 22 January 2018. Read story
Was Port Talbot the tipping point for pension freedoms?
Professional Pensions: Henry Tapper says as the initial euphoria of 'never having to buy an annuity again' wears off, the prospect of freedoms becomes less appealing. Read story
All private DB schemes will be closed by 2028, says industry
Professional Pensions: All private sector defined benefit (DB) schemes will have at least closed to accrual by 2028, according to this week's Pensions Buzz respondents. Read story
Pension transfer spike set to continue on baby-boomer demand
Money Marketing: Pensions transfers are likely to continue on an upward trajectory in 2018 thanks to baby-boomer demand, Willis Towers Watson predicts. Read story
Employee bonuses – claw back in anger?
Reward: Employee bonuses have always been viewed as a great incentive for employees. Employers now have the choice to reward their staff on a discretionary basis; once contractual criteria has been met. Read story
One in 10 companies set to miss gender pay reporting deadline
People Management: Despite regulations’ ‘lack of bite’, organisations could suffer significant consequences if they fail to comply. Read story
BBC boss resigns over gender pay inequality
HR Grapevine: A BBC Editor has resigned over unequal pay with male colleagues, noting that the reaction to her resignation shows there is a “depth of hunger” for “equal, fair and transparent pay”. Read story
Budget 2017: Does it mean business?
Reward: Paul Tew explains what the implications of the Chancellor’s annual Budget statement are for employment costs and employer-provided benefits in kind. Read story
Why over complicating benefits makes it harder to engage staff
Incentive and Motivation: According to a recent survey by Michael Page, 80% of UK employees think that their workplace benefits are complicated or too hard to understand. Read story
Schemes can reap benefits of staying in touch with retired members
Pensions Expert: From crosswords to competitions, there are a variety of ways in which trustees can jazz up their newsletters to retired members, but how much communication with the pensioner population is actually necessary? Read story
Collective DC no silver bullet – PMI survey
Corporate Adviser: Collective DC risks being misunderstood and is not a solution to the problem of stressed DB schemes, but its introduction could improve standards of workplace pension provision, a survey of Pensions Management Institute members has found. Read story
21% of employers view group risk benefits as a selling point
Employee Benefits: More than one-fifth (21%) of employer respondents view group risk benefits as a selling point during recruitment interviews and employee reviews, according to research by Group Risk Development (Grid). Read story
71% of US employers see wellbeing as a driver of workplace culture
Employee Benefits: Just under three-quarters (71%) of US employer respondents view employee wellbeing as a fundamental driver of their workplace culture, according to research by LifeWorks. Read story
JCB gives shop floor employees 3.9% pay increase
Employee Benefits: Construction equipment manufacturing organisation JCB has awarded 3,200 shop floor employees a 3.9% pay increase. Read story
Plumbing scheme bars employers from leaving until 2019
Professional Pensions: The Plumbing and Mechanical Services (UK) Industry Pension Scheme has temporarily banned any of its sponsoring employers from leaving the scheme. Read story
David Gauke leaves DWP in reshuffle
Money Marketing: Former secretary of state for work and pensions David Gauke has been replaced in the role by Esther McVey as part of an executive reshuffle this week by Prime Minister Theresa May. Read story
Waspi women should be given £15,000 each, Lib Dems say
Money Marketing: The Liberal Democrats have called on the Government to correct the “injustice” faced by the Women Against State Pension Inequality Campaign by giving them £15,000 each. Read story
German metalwork employees strike in dispute over pay and work-life balance
Employee Benefits: More than 15,000 metalwork and electrical employees based in Germany who are members of the trade union IG Metall have undertaken strike action in a dispute over pay and work-life balance. Read story
Shoosmiths reports a 15.41% mean gender pay gap
Employee Benefits: Law firm Shoosmiths has reported a 15.41% mean gender pay gap for fixed hourly pay as at 5 April 2017. Read story
CIPP gains living wage accreditation
Employee Benefits: Membership organisation The Chartered Institute of Payroll Professionals (CIPP) has been accredited as a living wage employer by the Living Wage Foundation. Read story
Herbert Smith Freehills reports a 19% mean gender pay gap
Employee Benefits: Law firm Herbert Smith Freehills has reported a 19% mean gender pay gap for fixed hourly pay as at 5 April 2017. Read story
Esther McVey becomes fifth work and pensions secretary in two years
Professional Pensions: Esther McVey has been appointed secretary of state for work and pensions in a major promotion for the MP. Read story
BT managers approve pensions deal
Professional Pensions: BT members of the Prospect union have voted to approve a controversial pension restructure ahead of the defined benefit (DB) scheme's closure in April. Read story
Could flexible pension products help indebted millennials?
Pensions Expert: More than a quarter of London’s millennial population are permanently in debt, it has been revealed. What role does pensions policy play in their financial health, and could more flexible solutions improve their situation? Read story
Are you paid enough?
Reward: The launch of a 2018 salary guide analyses UK creative and marketing sector salaries from the past three years and the trends that have emerged. Read story
Trends for 2018: Employee benefits
Cover: John Dean and Cheryl Brennan of Punter Southall Health & Protection shine a light on the dynamics they expect to dominate the employee benefits market in 2018. Read story
The BBC’s equal pay row shows the enormity of the challenge we face
People Management: Closing the gender pay gap will take more than changes to organisational policies – it’s a societal challenge too, says Dean Royles. Read story
Transparent gender pay gap reporting: getting it right
People Management: Sarah Ozanne outlines the reporting practices that companies should adopt, and offers top transparency tips. Read story
State pension will run out without NIC increase, Govt actuary warns
Money Marketing: Funding for the state pension will be depleted by 2032 without a rise in National Insurance Contributions, the Government Actuary’s Department predicts. Read story
CMS reports a 17.3% mean gender pay gap
Employee Benefits: Law firm CMS has reported a 17.3% mean gender pay gap for fixed hourly pay as at 5 April 2017. Read story
Tesco partners with UK health charities to highlight workplace health programme
Employee Benefits: Supermarket retail organisation Tesco has partnered with three UK health charities in order to develop a new workplace health programme for its 300,000 UK employees. Read story
IFoA launches global initiative to advance ethical and climate goals
Professional Pensions: Actuaries are being called on to help speed up achievement of sustainable development goals (SDGs) by the Institute and Faculty of Actuaries (IFoA). Read story
Companies cannot avoid reporting on gender pay
HR Magazine: What will happen to companies who fail to meet the deadline or whose disclosures are inadequate? Read story
Year-round recognition trumps annual bonuses
Reward: Research by Sodexo Engage has revealed that the traditional corporate end of year bonus is no longer popular with the majority of UK employees, only 30% of employees stated they felt motivated by receiving one big reward at the end of the year. Read story
Gender pay gap: Who are the worst offenders?
HR Grapevine: Fashion and Design high-street store Phase Eight has the biggest gender pay gap revealed in the UK so far, according to government data. Read story
Employers urged to communicate total remuneration to retain employees
Health Insurance Daily: Employers are being urged to communicate their total remuneration packages to existing staff and interviewees to improve their recruitment and potential. Read story
‘Sharp rise’ expected in legal queries over unequal pay in wake of BBC row
People Management: Discrimination lawyers are anticipating a “very large” increase in queries about gender pay, after BBC presenter Carrie Gracie resigned her position in a row over equal pay, and ahead of the government’s April deadline for reporting on the topic. Read story
Opinion: Benefits – what really matters
People Management: As former chairman of the Pension Protection Fund, I was particularly concerned about initiatives that make it easier for small and medium-sized enterprises to get their employees auto-enrolled in pension schemes. Read story
TPR 'aggressive and hostile' in BHS probe
Professional Pensions: Dominic Chappell blasted The Pensions Regulator (TPR) for what he called an "aggressive and hostile" approach to his takeover of BHS, a court has heard. Read story
Xafinity completes Punter Southall acquisition
Professional Pensions: Xafinity has completed its acquisition of Punter Southall's actuarial consulting, pensions administration and investment consulting businesses. Read story
Sipp transfers up 30% year-on-year
Money Marketing: Self-invested personal pension transfer volumes are up 30 per cent year-on-year, according to figures published by Origo. Read story
People Value acquires Remus Rewards
Employee Benefits: Motivation and employee engagement provider People Value has acquired UK-based reward and loyalty organisation Remus Rewards. Read story
Average median HR salary in UK is £47,919
Employee Benefits: The average median salary for HR professionals working in the UK is £47,919 a year, according to research by Croner Reward. Read story
Tenet Group reports a 28% mean gender pay gap
Employee Benefits: Financial advice organisation Tenet Group has reported a 28% mean gender pay gap for fixed hourly pay as at 5 April 2017. Read story
Majority of UK workforce went to work while unwell in 2017
Cover: With sick leave at its lowest for decades, new Bupa research suggests that millions headed into work despite being unwell, feeling pain and suffering from mental illness last year. Read story
Government right to scrap Fit for Work scheme, say experts
People Management: DWP assessment service due to close in 2018 following ‘low’ referral rates. Read story