5 Things The Employee Benefits World Taught Us This Week – January 30th
A lot happens in the employee benefits world every week and this column aims to share with you the latest news from the world of employee benefits with the 5 main benefits stories from the week published right here every Friday.
1. 169 employers were fined for failing to comply with Auto Enrolment
Failing to carry out and comply with the workplace pensions legislation of Auto Enrolment can bring a hefty fine and 169 employers have found that out the hard way so far. We learned this week that by the end of 2014, the total number of employers to have been fined by The Pensions Regulator had reached 169 and with smaller and smaller businesses now set to stage this number could very quickly be added to further.
2. Just 12% of employers comply with DRA laws
Research to come out this week has found that only 12% of employers believe their company has properly complied with the legislation that aims to abolish the Default Retirement Age (DRA). The law came into force in 2011 and meant that employers could no longer compulsorily retire workers once they reach the age of 65.
3. Fathers are lying … about their family commitments
The 2015 Modern Families Index was published this week by Bright Horizons and revealed that 44% of working fathers had lied about their family commitments because of a lack of flexible working options. In order to balance their work and personal commitments, fathers across the country have been taking sick days.
Bright Horizons’ Carole Edmond said: “Increased work commitments are leading to stress and unhealthy lifestyles as employees try to cram everything in.”
4. Absenteeism costs employers
It’s well known that employees being off work can cost a business, but exactly how much is that cost? Well, we’ve discovered Aviva’s Absenteeism Calculator this week and it’s a great tool for employers to see the potential costs of absenteeism using figures issued by the Chartered Institute of Personal Development.
5. Absenteeism also costs employees
If the cost of a worker being off sick is bad for an employer, it’s even worse for the employee says a new study by Group Risk Development. The research has found that it only takes six months of being off from work for 23% of families to be in severe financial trouble. That’s why products such as Group Income Protection are becoming so important for employers which look to protect their staff from such a situation.