Top 10 stories this week: Employers need to prepare for difficult winter ahead
Low-paid workers forced to visit foodbanks, reports Living Wage Foundation
Personnel Today More than three-quarters of low-paid workers feel that this is the worst financial period they have ever faced, according to research by the Living Wage Foundation.
High inflation combined with low wages and below-inflation pay rises means many workers are forced to use food banks or avoid heating their homes due to the rising cost of living. Read more
Employers warn of expected financial difficulties for staff
Cover Magazine Employers have warned that they expect to see increases in the number of employees experiencing financial difficulties this winter as the cost of living crisis continues, according to a report from Partners&.
The report surveyed more than 160 professionals and highlighted the expected financial challenges employees may face over the next few months. Read more
European Union to implement adequate minimum wage legislation
Employee Benefits The European Union (EU) parliament has voted in favour of legislation regarding adequate minimum wages for member states.
Member states will have to guarantee that their national minimum wage allows workers to lead a decent life by taking into account the cost of living and wider pay levels. Read more
Labour market ‘losing momentum’ as unemployment hits record low
Personnel Today Employers could still be struggling to access the candidates they need despite signs recruitment activity is slowing down, as unemployment in the UK reaches its lowest level since 1974.
The latest official labour market estimates from the Office for National Statistics show that June to August 2022 saw the largest quarterly fall in job vacancies since the same period in 2020. Compared to the previous quarter there were 34,000 fewer vacancies posted, down 2.6%. Read more
Calls grow for more workplace support for female health issues
HR Grapevine Nine in 10 women think there should be policies in workplaces to support women when it comes to female health issues, according to research by BetterUp.
This comes as BetterUp also found that three in five women (59%) have taken time off work due to female health issues such as menopause, fertility struggles, periods and pregnancy (not including maternity leave). Read more
Businesses urged to prepare for right to work check changes as poll finds half of firms are not ready
People Management Half (48 per cent) of businesses are unprepared for the upcoming changes to right to work checks, research has found.
The survey by Xydus polled 501 decision-makers in large UK businesses (with 1,000 or more staff) last month. It also found that more than three-quarters (78 per cent) did not know they could face imprisonment if non-compliant with the new checks. Read more
Median monthly pay up 6.5% in August 2022
Employee Benefits Median monthly pay for August 2022 was an estimated £2,113, an increase of 6.5% compared with the same period last year, according to the Office for National Statistics (ONS). Read more
Chancellor considers scrapping bankers’ bonus cap
Personnel Today The cap on City bankers’ bonuses could be scrapped under plans reportedly being considered by Chancellor Kwasi Kwarteng.
According to the Financial Times, Kwarteng wants to lift the cap, which was introduced in the EU after the 2008 financial crash, to help make London a more attractive destination for global talent in the finance sector. Read more
Record number of over-65s in employment, data reveals
People Management The number of over 65-year-olds in employment has reached a record level, analysis has shown.
According to data from the Labour Force Survey published by the Office for National Statistics, between April and June 2022, the number of people aged 65 and over in employment increased by a record 173,000 on the previous quarter, to reach 1.468 million – another record level. Read more
IIGCC proposes climate resilience framework
Professional Pensions The Institutional Investors Group on Climate Change (IIGCC) has set out plans for the Climate Resilience Investment Framework to help investors better understand their exposure to physical climate risk and build resilience. Read more