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Posts Tagged ‘salary’

Fines for non-payment of minimum wage quadruple to £20,000

Thursday, January 23rd, 2014

BTS students please read here + VIDEO at the end of the orginal article

Pay inequality ‘costs firms more money in the long run’, says new study

Thursday, January 23rd, 2014

Businesses with the biggest gaps between the highest and lowest paid employees’ pay suffer more industrial action and higher staff turnover, according to a new study.

Yahoo Finance UK – Mon, Jan 20, 2014 11:59 GMT

  •  Firms with the biggest gaps between the lowest and highest paid staff salaries see the highest staff turnover and sickness rates

Paying some staff members substantially more than others may be a false economy in the long run, suggests a new report.
Companies that pay some employees substantially less than other workers experience higher rates of staff sickness and industrial disputes than other firms, according to a study commissioned by the High Pay Centre, a think-tank.
The study of almost 2,000 workplaces found that businesses with the biggest gaps between the salaries of their lowest and highest paid employees also experienced the highest staff turnover.
Researchers at the University of London found that companies where top earners are paid 10 times more than the lowest-earning employees were hit by industrial disputes at least once a year, more than businesses with lower pay differentials.
Workplaces where bosses receive 8 times the pay of junior employees reported at least one case a year of work-related illness, while those with pay differentials of 5 or less reported none.
According to the report, executive pay has increased by 450% in the last 12 years, while on average employee pay has risen by 16%.

“High executive pay is not only frequently unmerited, but has a huge hidden impact on the rest of the organisation and society as a whole,” said Deborah Hargreaves, director of the High Pay Centre.
“Whether it’s through staff turnover, sickness, low morale or industrial action, big pay gaps undermine employees’ loyalty to the company and their managers.
“Employers suffer lost productivity, have to pay more sick pay and legal and recruitment costs as staff left feeling the financial and emotional strain are driven even further into the ground.”
A recent study by the Health and Safety Executive found that work-related stress cost businesses 10.4 million work days in 2012 – an average of 24 days per case. The report also found that workplace illness costs the UK an estimated £8.4bn.

High staff turnover also hits businesses’ bottom line. According to figures from the Chartered Institute of Personnel and Development, employee turnover costs firms an average of £5,800 per worker, and £20,000 per senior staff member.
An interesting alternative to the usual custom of keeping employee salaries private was last year unveiled by San Francisco-based technology start-up Buffer.
The firm took the unusual decision to publish online the pay levels of all of its staff – from the engineers to members of the senior corporate management – in an effort to increase “transparency”.
“We hope this might help other companies think about how to decide salaries, and will open us up to feedback from the community,” CEO Joel Gascoigne said last December in a blog post.  He told reporters that he hoped to generate more commitment from employees by focusing on the company’s “culture”.

Five hidden perks in your pay packet

Thursday, January 23rd, 2014

Five hidden perks in your pay packet

                        By Nathalie Bonney | Moneywise – Mon, Jan 20, 2014 16:13 GMT

Yahoo Finance UK – Tue, Jan 21, 2014 17:42 GMT

 

More than half of employees say their company has either frozen or cut pay over the past year, according to the Chartered Institute of Personnel and Development. But while there may be little chance of getting a pay rise this year, there are employee benefits that can boost your salary.

1. Salary sacrifice

This is where your employer reduces your salary in return for specific benefits, such as pension contributions, gym membership or private medical insurance. The advantage of moving this money over to cover these types of benefits is that you’ll pay less tax on your salary.

Basic-rate taxpayers will benefit from having access to extras they otherwise couldn’t afford, while higher-rate taxpayers can cut a chunk off their income tax bill.

For example, if someone earning £112,950 uses salary sacrifice to reduce their salary to £100,000, putting the additional £12,950 into their pension would reduce their tax bill by £7,750, according to Standard Life.

2. Wellbeing

Larger companies will benefit from more attractive discounts with the big gyms like LA Fitness or Virgin Active because the gyms know they’re onto a good corporate deal. Smaller-sized companies may have less negotiating power but you may still be able to get 10% off gym membership.

The benefits you’ll get from company medical insurance schemes work in much the same way. Some offer free health checks, which are worth up to £500, so take advantage of these.
3. Company cars

These tend to be the preserve of senior management and employees considered ‘essential drivers’. However, salary sacrifice is an easy way for employers to open up the offer to all employees. Choosing a more fuel-efficient vehicle will also reduce the tax you pay.

Agreements typically last three to four years, with the option of buying the vehicle at the end. Monthly deductions can be as little as £150, rising to £400 to 500 for a top-range vehicle.

Also consider the cycle-to-work scheme (cyclescheme.co.uk and bikehub.co.uk) – this is a salary sacrifice scheme whereby your employer buys you a bike and you repay it out of your gross monthly salary, so you save on tax too.
4. Holiday buyback

Employers tend to allow employees to carry over a number of unused holiday days to the following year’s annual leave.

However, if you’re unable to take all of your holiday because of the demands of work and would therefore have to carry over a lot of extra days, it’s worth seeing if your employer will buy these back.

Taking a more long-term view, ask your employer if you could start saving a small amount of your salary each month towards buying extra days that would eventually allow you to have a sabbatical of 10 to 12 weeks.

5. Discounts

Depending on what your employer does, you may be able to take advantage of discounts like money off electronic goods or insurance products. It might allow you to either buy these on a discounted basis and/or through salary sacrifice, which means you won’t be charged tax.

 

Study finds tall people at top of wages ladder

Wednesday, May 20th, 2009

Tall people earn higher wages than their vertically-challenged counterparts while being obese does not mean a slimmed-down pay packet, according to a new study in Australia.

The researchers found a strong link between wages and height, particularly for men, with each additional 10 centimetres (four inches) of height adding three percent to hourly wages.

read more here