Employers must make ‘action plans, not excuses’ over gender pay
People Management – 5 April
As the deadline for the second year of gender pay gap reporting has come to a close, experts are claiming that employers must make ‘action plans’ to tackle the pay gap. Compared to last year, the median gender pay gap has increased from 9.2% to 9.6% and 77.8% of organisations are paying men more than women (compared to 77.1% in 2017/18).
National living wage increase brings pay rise for 1.8 million
People Management – 1 April
The new National Minimum Wage (NMW) has come into effect as of 1 April 2019. The national living wage has increased by almost 5%, reaching £8.21, whilst the minimum wage for 18-21-year-olds and 21-24-year-olds has increased by 25p and 32p per hour respectively.
Visiting Music Teacher found to have worker status
Farrer & Co – 27 March
Farrer & Co discuss the case of a visiting music teacher, who an Employment Tribunal found to have worker status. The teacher rented a teaching space from the school, with whom she had a contract with, and was paid directly by parents.
Government approves phased implementation of pensions dashboard
Employee Benefits – 5 April
The government has advised pension schemes to start preparing for the pensions dashboard, as a phased implementation will be introduced over the next three to four years. These plans were detailed in the government’s response to the Pensions dashboards: Working together for the consumer consultation, and include further details of the project.
Retirees are 'too cautious and considered'
FT Adviser – 1 April
Recent research conducted by Aegon concluded that retirees are ‘too cautious and considered’ in their retirement planning. The research features 250 advisers and revealed that 53% of clients prioritise low risk options over those generating higher returns. 38% stated that running out of money was their biggest fear.
New funding rules could see £100bn rise in DB pension deficits
Pension Age – 29 March
According to research by KPMG, the new pensions funding code could increase the current defined benefit (DB) pension deficit by £100 billion. The pensions funding code is expected in 2020 and could result in a doubling of pension contributions for a typical employer.