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