7 04, 2021

UK universities propose cutting benefits to save pension scheme

2021-04-07T16:22:15-07:00April 7th, 2021|Categories: Defined Benefit Plans|Tags: , |

By Bethan Staton and Josephine Cumbo Source: Financial Times Hundreds of thousands of university sector staff in the UK would see their retirement benefits cut under employer proposals to avert “unaffordable” rises in contributions as the sector struggles with a years-long pensions crisis.  Plans outlined on Wednesday by Universities UK, which represents more than 340 higher education sector employers, would see guaranteed pensions for about 200,000 of the 460,000 members become less generous, with higher-earning academics taking the biggest [...]

16 03, 2021

Uber grants UK drivers worker status after losing major labor battle

2021-03-16T15:27:38-07:00March 16th, 2021|Categories: Economy|Tags: , |

On the heels of losing a major labor battle in the United Kingdom, Uber will reclassify all U.K.-based drivers as workers. Under the new designation, more than 70,000 drivers will receive some benefits, including minimum wage, holiday time and pension contributions, but they will not get full employee benefits. Uber announced the change in a Securities and Exchange Commission filing, adding that its U.K. ride-hailing business accounted for 6.4% of all mobility gross bookings in the fourth quarter of [...]

18 02, 2021

Landmark Pension Schemes Bill receives Royal Assent

2021-02-18T10:31:53-08:00February 18th, 2021|Categories: Pension Funding|Tags: , |

The Pension Schemes Bill has been granted Royal Assent today, ushering in major changes to pension schemes aimed at providing greater protection for members. The move sees the Bill become the Pensions Schemes Act, almost three years after it was first mooted in response to the BHS and Carillion pension scheme scandals, which slashed the value of thousands of workers’ pensions at both organisations. Announcing the enactment, minister for pensions Guy Opperman, said “This is a historic day for [...]

6 01, 2021

Essential workers face major Covid-19 risk because of outdated safety rules

2021-01-06T14:26:27-08:00January 6th, 2021|Categories: Economy|Tags: , , |

The TUC Tuesday called on the government to urgently update workplace safety rules to protect essential workers and those who can’t work from home from Covid-19. Since the rules were published in March 2020, the scientific understanding of how the virus spreads has changed. And the UK is now battling a strain that is far more easily transmitted. Yet the rules have not been fully updated – and the union body says that this is putting workers at risk. [...]

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