5 Things The Employee Benefits World Taught Us This Week – April 3rd
We aim to discuss the most important topics from the employee benefits world each week right here on our employee benefits blog. Here are this week’s 5 main stories.
1. Savers Worry About Pension Reform Risks But Are Positive
Now that we’re into April, the main talking point in the employee benefits world is the upcoming changes to pension rules. From Monday April 6th, the new pension freedoms will be available to savers and research by the National Association of Pension Funds (NAPF) has found that 82% of employees are positive about the changes. That being said, 47% were worried that they would be mis-sold unsuitable retirement products.
Any savers concerned that a particular retirement product they are being encouraged to look into isn’t right for them should get in touch with DAM and benefit from our FCA regulated retirement advice.
2. More Than Two-Thirds Of Bosses Don’t Think Mental Illness Justifies Sick Leave
Research from AXA PPP has shown that 69% of managers do not think that workers suffering from mental illness should get time off work. The research was conducted on 1,000 senior managers and CEOs.
3. Employees Are Unhappy With Way Pay Rises Are Communicated
More research, this time from the Chartered Institute for Personnel and Development. They found that just 58% of staff that received a pay rise in 2014 had had that rise communicated to them and that of those staff lucky enough to even be told, 31% weren’t satisfied with the reasons given.
4. Process Of Selecting Employee Benefits Should Be Simpler Says Psychological Study
A psychological study conducted by the CIPD has found that staff could benefit from having the process of selecting employee benefits made simpler. The report found that when there is too much choice, staff find it hard to choose since they worry that some choices will be worse than others.
5. One In Five Companies Are Planning Enhanced Paternity Pay
20% of employers already plan to offer enhanced shared paternity pay, according to research by XpertHR. The survey showed that one in five employers are willing to pay above the minimum required by law.