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23 Sep 2022
by Dawn Lewis

Top 10 stories this week: Real Living Wage jumps by 10%

The Living Wage Foundation has announced the latest uplift in its Real Living Wage early, with a recording breaking increase of 10%. In other news, those businesses trialling a four-day working week look on track to adopt the practice, while recruitment is still strong despite the economic downturn.

Read on for more reward and employee benefits news you might have missed this week.

Top 10 stories this week: Real Living Wage jumps by 10% main.jpg

 

Real Living Wage rises by record 10% to £10.90 an hour

BBC Some 400,000 workers at businesses that have volunteered to pay the Real Living Wage are set to get a record pay boost.

The hourly rates are rising by £1 to £10.90 across the UK and by 90p to £11.95 in London. Read more

70% of low-paid can't afford pension contributions

Professional Pensions Lower paid workers could face harsher retirements due to the cost of living crisis stopping them from being able to afford pension contributions, according to Legal & General Investment Management (LGIM) research.

The pressures of inflation of today's household finances could have a negative impact as 69% of low earners not contributing to a workplace pension say they cannot afford to, even though almost 60% are worried about not saving for retirement. Read more

Four-day week pilot: success for majority at mid-way point

HR Magazine Businesses halfway through the UK’s first large-scale four-day week trial have reported improved productivity and are likely to continue it once the trial is over.

Of the 41 companies responding to a survey by trial organiser 4 Day Week Global, 88% said it was working well for them, and 86% said at this stage they would be likely or extremely likely to keep the arrangement once the trial is over. Read more

Four-day week could help alleviate cost of living crisis, think tank says

People Management The introduction of a four-day week could save employees thousands of pounds per year in childcare and commuting costs, which could help ease the pressure of the rising cost of living, data has shown.  

Future of work think tank Autonomy calculated the potential savings across commuting and childcare costs for workers transitioning to a four-day, 32-hour work week with no loss of pay to help with the cost of living problem. Read more

Most firms plan to increase permanent employee numbers

Personnel Today Two thirds of organisations intend to increase the number of permanent employees in 2022. This expansion comes despite fears of a forthcoming recession predicted by the British Chambers of Commerce, with inflation forecast to reach a peak of 14% later this year. Read more

Working parents in England paying to go to work

HR Magazine Parents on low incomes often end up paying to go to work, according to research from think tank the Institute for Public Policy Research (IPPR).

When factoring in taxes and childcare fees, as well as a lack of benefits, its report showed tens of thousands of parents who work longer hours are actually losing money as the cost of childcare outweighs their income. Read more

Two in five planning to leave jobs within a year, with majority citing lack of career prospects, survey finds

People Management Two in five workers could leave their workplaces in the next six to 12 months, with the majority citing lack of available career prospects, a survey has found.

The poll by Go1, which looked at data from 2,000 workers who have changed jobs at least once in their career, found that 40 per cent of employees were looking to leave their jobs in the next six to 12 months. Read more

Cost and admin biggest barriers to wellbeing support from employers

Cover Magazine Employers should focus more on the value for money aspect of employee health and wellbeing support, rather than the direct costs on a business, according to Towergate Health & Protection. Read more

FTSE 350 DC contributions to overtake DB within five years

Professional Pensions FTSE 350 companies with defined benefit (DB) pension schemes are still paying more into these schemes than their defined contribution (DC) counterparts, but the trend is likely to go into reverse as repair contributions reduce, latest Barnett Waddingham research reveals.

The consultant said FTSE 350 companies with a DB scheme contributed £14.4bn to those schemes in 2021 compared to just £9.6bn for DC schemes. Read more

Workers are fighting back against Gov's 'strike-breaking' agency staff law

HR Grapevine Unions have launched a fight back against new laws allowing firms to replace striking workers with agency staff.

Eleven trade unions, coordinated by the TUC (Trade Union Congress) and represented by Thompsons Solicitors, began legal proceedings to protect the right to strike this week. Read more

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