Tags: salary

Webb offers alternative to final salary pension

Plans for private sector workers to have guaranteed pension pots have been proposed by Steve Webb. The Pensions Minister wants employers to offer an alternative to the final salary arrangement, which has now largely been discarded in favour of defined contribution schemes. Webb has reportedly begun discussions with large companies to introduce “defined ambition” pensions.…

Pay stutters as UK companies peg wage increases to inflation

British companies will increase salaries at a rate marginally above inflation in 2012, a new survey by Towers Watson Data Services has found. The latest Salary Budget Planning Report for Europe, the Middle East and Africa found that salaries for UK employees were predicted to increase by 3%, against a prevailing inflation increase of 2.9%.…

Graduate salaries to go up in 2012

Rise will end “unprecedented stagnation” says AGR Graduate starting salaries are predicted to rise for the first time in three years in 2012, although the number of vacancies available in the UK will contract slightly, new research has forecast. Salaries for university leavers are expected to increase by 4 per cent to £26,000 this year…

New EU pensions law threatens UK economy and jobs

Businesses would have to inject at least £300bn into their final salary (defined benefit) pensions if a new EU law goes ahead, causing knock-on damage to the UK economy and jobs market. It would also lead to the closure of more final salary pensions in the private sector, the National Association of Pension Funds (NAPF)…

650 NHS heads took pay rise as Britain double dipped

At least 650 NHS managers in England were paid a larger salary than the Prime Minister (which is £142,500) in 2009/10, according to a report by Income Data Services (IDS). The average chief executive got £158,800 and heads of foundation trusts got £164,500. The report said that while nurses’ pay went up by 68 per…

Surge in demand for contract IT workers as recruitment levels continue to rise

As the IT sector approaches two years of rising recruitment levels, specialist IT recruitment website CWJobs.co.uk and JobAdsWatch.co.uk reveal trends over the previous quarter and opportunities for jobseekers moving forward. April 2011 marks the 7th consecutive quarter that the IT industry has seen a marked increase in demand for IT personnel. Opportunities arose for contract…

One third of Financial Services professionals disappointed with 2010/11 bonus payments

In March/April 11, Morgan McKinley surveyed 192 financial services professionals on their payments in the 2010/11 bonus round.  The survey found that 79% received a bonus this year, with 39% receiving a higher amount compared to last year.  In Morgan McKinley’s March 10, survey 47% had received a higher payout compared to the 2008/09 bonus…

Charlotte Mepham: Will proposals stop expensive and time-wasting Employment Tribunal Claims?

Defending a claim in the Employment Tribunal is an expensive business for an employer (£8,500 against an average settlement of £5,400: British Chambers of Commerce) but they seem to be increasing in popularity with disgruntled employees (latest figures show a 56% increase in 12 months: British Chambers of Commerce). However, proposals to change the Employment…

Public sector pensions plans put on hold by ministers

Ministers have delayed Treasury plans to force public sector workers to contribute more to their pension pots. The Treasury confirmed it would not implement a 3% increase in public staff pension contributions – which was due to include local government staff – in March, and instead could introduce the new requirement later this summer. The…