5 Things The Employee Benefits World Taught Us This Week – February 27th
Our weekly summary of the top news stories from the employee benefits world can be found here each Friday. Read on to find out what has happened in employee benefits this week.
1. 65% Of UK Employers Think Their Staff Have A “Low” Understanding Of Benefits
Research by AON has found out that two thirds of UK employers believe their staff’s understanding of their employee benefits is “low” or “very low”. That contrasts with the figure of 43% of employers across Europe, the Middle East and Africa who thought the same. It’s no surprise then that there has been such a recent interest in the UK in the kind of workplace financial education services DAM can provide in an attempt to educate the staff with an apparently low benefits understanding.
2. Older Workers Not Being Given Training Opportunities
AXA PPP Healthcare has found out that older workers are not being offered the chance to go on training courses at work. They learned that 27% of over-50s hadn’t been given the opportunity to learn a new skill in the last year, while only 25% had been on any kind of training course in the last 12 months.
That completely goes against DAM’s 5 Ways To Embrace Older Workers, as discussed in a recent blog post.
3. Minimum Wage Could Be Going Up
The most important employee benefit is still, of course, basic pay and that could be set to rise given that the Low Pay Commission has this week recommended a 3% rise in the National Minimum Wage from £6.50 to £6.70. Any such change would apply post-October 2015.
4. A Gender Pay Gap Still Exists, Especially In The PR Sector
We often talk about “bad PR” but there is surely none worse than the revelation this week from the Chartered Institute of Public Relations that a gender pay gap of £13,887 exists, which is actually an increase on the figure of £12,390 that had been discovered in 2014. Only £5,404 of that gap was said to have been attributed to factors such as men working longer hours and having more senior positions, meaning that the other £8,483 gap is purely accounted for by gender.
5. Sick Pay Culture To Be Snuffed Out
A new scheme means that anybody off work sick for more than four weeks will face a fit-for-work test by an external company which will draw up plans for their return to work. It’s expected that people taking over a month off work sick costs the UK economy £9billion per year.