At a glance: reward and benefits headlines this week 3-8 April 2020
The headlines you might have missed between 3-8 April 2020.
Vast majority flexible or remote working: government scheme keeps redundancies suppressed
HR Review: Over nine-tenths have adopted flexible and remote working since the outbreak of COVID-19, with more planning to do so in the near future. Read story
People’s Pension adds annual member charge
Corporate Adviser: The People’s Pension has added an annual member charge in a move it says is designed to make it fairer and futureproofed against the ongoing impact of Covid-19. Read story
LGPS goes live with cost transparency compliance system
Professional Pensions: The Local Government Pension Scheme (LGPS) has gone live with a cost transparency compliance system and has on-boarded all UK schemes onto the platform. Read story
TPR issues Covid-19 guidance for administration and extends DB funding code consultation
Professional Pensions: The Pensions Regulator (TPR) has issued another set of guidance for coping with the Covid-19 pandemic, with trustees urged to act work flexibly with administrators. Read story
British Airways will not place salary cap on furlough payments for 30,000 employees
Employee Benefits: UK airline British Airways will pay 30,000 employees 80% of their current salary as part of the government’s furlough Covid-19 (Coronavirus) job retention scheme, without capping the total monthly payments. Read story
Morrisons rewards employees with 6% annual bonus for the next 12 months
Employee Benefits: British supermarket Morrisons will pay its full-time employees a 6% bonus for their hard work during the Covid-19 (Coronavirus) pandemic. Read story
Goldman Sachs offers 36,000 employees 10 days of family leave
Employee Benefits: Global investment bank Goldman Sachs has offered all of its 36,000 employees globally 10 days of paid family leave, to help support them through the Covid-19 (Coronavirus) pandemic. Read story
Better communication is key to unlocking the value of health and wellbeing benefits
Personnel Today: With this month (April) being the start of a new financial year, Paul Avis argues that now is a good opportunity for employers to be reflecting on whether they could be doing a better job at using – and communicating – health and wellbeing benefits to make themselves more attractive to employees of all ages. Occupational health can be part of this important conversation, too. Read story
Placing employees on furlough leave – everything you need to know
HR News: Businesses right across the world are feeling the effects of the Coronavirus pandemic. In order to survive this crisis and avoid redundancies, lots of companies are putting their staff on furlough leave. Read story
HR concern over health issues in remote workers
HR Magazine: HR professionals are concerned that physical fitness in workers has reduced since working from home became mandatory for non-essential workers in the UK. Read story
Employers urged to prioritise health benefits during Covid crisis
Corporate Adviser: Towergate Health & Protection is urging employers to prioritise health and wellbeing benefits during the Covid crisis. Read story
Bupa promises rebates to PMI customers
Corporate Adviser: Bupa UK has confirmed that customers who have medical treatment cancelled as a result of the Covid crisis will be in line for potential rebates. Read story
Mirror and Express publisher seeks deficit contribution suspension
Professional Pensions: Newspaper publisher Reach has requested discussions with the trustees of its pension funds to defer deficit recovery contributions (DRCs) to shore up finances during the coronavirus pandemic. Read story
Debenhams fails to make pension payment as it prepares for administration
Professional Pensions: Debenhams has missed its April deficit recovery contribution (DRC) to its staff pension schemes as the struggling high street retailer files a notice of intent to appoint administrators amid the Covid-19 crisis. Read story
Jonathan Reynolds named shadow work and pensions secretary; pledges 'serious long-term thinking' on pensions
Professional Pensions: The shadow economic secretary Jonathan Reynolds has been named as shadow secretary for work and pensions under new Labour leader, Keir Starmer. Read story
How will DC stand up to Covid-19 pandemic?
Pensions Expert: The Covid-19 emergency is taking its toll on the defined contribution savings space, with master trusts reporting small numbers of employers missing contributions and businesses grappling with the pensions implications of furloughing and redundancies. Read story
Employees can be furloughed to carry out caring responsibilities, government confirms
People Management: Expansion to job retention scheme also allows staff to take on other work while laid off, and could plug labour shortages in some sectors. Read story
John Lewis to pay 55,000 non-management staff £25 extra per week
Employee Benefits: The John Lewis Partnership will award over 55,000 non-management employees and first-level managers a £25 reward for every week worked in May to June, totalling £200. Read story
Juventus first team players and coach defer pay to support the club
Employee Benefits: Players and the coach of the first team at Juventus football club will be taking a pay reduction until June 2020 to support the club during the Covid-19 (Coronavirus) pandemic. Read story
The tax and legislation changes impacting reward from April 2020
Employee Benefits: With the arrival of the new tax year, new measures impacting pay and benefits are set to come into effect. Read story
Working parents still not getting enough support to deal with pandemic
Workplace Insight: A new report from work-life balance charity Working Families claims that there remains a pressing need for increased support for working parents during the COVID-19 pandemic. Read story
Sick pay legislation comes into effect
Cover: Employers now have to tell staff, from day one or before, what their sick pay entitlement is. Read story
Updates to the coronavirus job retention scheme
HR Review: Changes have been made to the Cornovairus job retention scheme, so that an employee can now be placed on furlough by their previous employer if they started a new role after the 28th February, as well as being furloughed if they have to care for someone who is suffering from COVID-19. Read story
FCA cites pension freedoms as a driver of consumer harm
Professional Pensions: The Financial Conduct Authority (FCA) has cited the 2015 pension freedoms as one example of a driver of consumer harm. Read story
Half working from home during lockdown are unhappy with work-life balance, survey finds
People Management: Experts warn of ‘significant physical and mental wellbeing challenges’ for staff working remotely, and urge employers to recognise their continued responsibility here. Read story
Leeds Bradford Airport to furlough 250 employees on full pay
Employee Benefits: With many airlines making drastic cuts to flight schedules due to the Covid-19 (Coronavirus) pandemic, the large majority of security, car parking, cleaning and passenger assistance staff are no longer needed. Read story
Waitrose staff no longer required to ‘time bank’ hours during self-isolation
Employee Benefits: British supermarket Waitrose has updated its pay policy, stating that employees who are self-isolating due to the Covid-19 (Coronavirus) pandemic,will not have to make up the hours at a later date. Read story
Government confirms employees can receive furlough pay for multiple jobs
Employee Benefits: The government has confirmed that employees who are furloughed in one job, but continue to work for another employer, can receive the furloughed payment while receiving their normal pay from a separate employer. Read story
The bosses that have taken pay cuts during the outbreak
HR Grapevine: The COVID-19 outbreak has caused lots of uncertainty for employers and employees around the world. Read story
Employers urged to use new Parental Bereavement Act to review all bereavement policies
Employer News: The Parental Bereavement (Leave and Pay) Act 2018 coming into force this month (April 2020) is an opportunity for employers to ensure their bereavement policy also demonstrates compassion and sensitivity, according to RedArc. Read story
Coronavirus Job Retention Scheme may cost up to £40bn
HR Review: It has been estimated that the Coronavirus Job Retention Scheme could cost from £30 billion to £40 billion over the course of the next three months. Read story
Private Covid testing will become important employee benefit – CA healthcare Covid roundtable
Corporate Adviser: Advisers and employee benefits consultants have said they expect private testing for Covid-19 to become a product feature of corporate healthcare plans in future. Read story
Insurers see spike in demand for support services – CA healthcare Covid roundtable
Corporate Adviser: PMI providers have seen a surge in demand for the added-value support services offered since the outbreak of the coronavirus pandemic. Read story
Maps flags Covid-19 implications for pensions dashboard launch
Professional Pensions: The Money and Pensions Service (Maps) has published its first full report on progress on the pensions dashboard so far and has flagged “significant” delivery challenges in the face of the coronavirus pandemic. Read story
BT rewards 58,000 employees with 1.5% pay rise
Employee Benefits: British telecommunications organisation BT has given 58,000 non-management employees in the UK a 1.5% pay rise, effective 1 July 2020. Read story
Stena Line to furlough 600 employees on full pay
Employee Benefits: Swedish ferry organisation Stena Line will furlough 600 employees on full pay, due to the ongoing Covid-19 (Coronavirus) pandemic. Read story
Walmart Canada pays 90,000 employees appreciation bonus
Employee Benefits: Supermarket retailer Walmart Canada is rewarding 90,000 employees an appreciation bonus to recognise the efforts of full-time and part-time employees during the Covid-19 (Coronavirus) pandemic. Read story
Herbert Smith Freehills splits bonus payment for 5,000 employees
Employee Benefits: International law firm Herbert Smith Freehills (HSF) will split its bonus payments annually paid to its 5,000 employees due to the financial constraints of operating during the Covid-19 (Coronavirus) pandemic. Read story
GRiD predicts employers will offer fuller support for absent staff following new legislation
Employer News: New legislation [The Employment Rights (Employment Particulars and Paid Annual Leave) (Amendment) Regulations 2018] which came into force on 6 April 2020 means employers now have to tell their staff, on day one of employment or before, what their entitlement to any sick pay is. Read story
Tesco to pay £2.5bn one-off pension contribution to wipe funding deficit
Pensions Age: Supermarket firm Tesco has reached an agreement with its pension trustees to make a one-off £2.5bn scheme contribution to eliminate its funding deficit. Read story
XpertHR offers employers advice on annual leave following new Coronavirus legislation
HR News: As a result of the Coronavirus pandemic, the Government has made several key changes to employment legislation. Read story