National Inclusion Week 2024

National Inclusion Week launched twelve years ago to highlight and engage with workplace inclusion. What began as a small event has grown exponentially, with over 9,000 people participating last year and reaching 28.1 million on social media during September 2023. Each year, more organisations take action to make inclusion an everyday reality at work.

 

Why Take Part?

National Inclusion Week is an excellent opportunity to focus on inclusion, allowing everyone in your organisation to get involved. Whether through your own events or by utilising the available resources, participating in National Inclusion Week offers numerous benefits:

 

Demonstrate Commitment: Show your staff, clients, suppliers, and other stakeholders that you are dedicated to fostering an inclusive environment.

Platform for Discussions: Use this week as a starting point for discussions around inclusion and diversity within your organisation.

Launch Initiatives: Showcase your year-round inclusion efforts or launch new initiatives during this time.

Customisable Approach: Tailor National Inclusion Week to fit your organisation’s needs and objectives.

Networking and Learning: Participate in events that provide opportunities for inclusion and diversity enthusiasts and professionals to connect, share best practices, and learn something new.

Every year, National Inclusion Week features a theme designed to focus on key aspects of inclusion and diversity. This year’s theme is…

 

‘Impact Matters’ – stylised as #ImpactMatters on social media.

 

The theme “Impact Matters” underscores the importance of making tangible changes that positively affect the workplace. It encourages organisations to focus on the real-world impact of their inclusion and diversity efforts, ensuring that these initiatives lead to meaningful and lasting improvements.

 

How Eternal Engagements Can Help

EDI Training: Access comprehensive Equality, Diversity, and Inclusion training through our training portal on our all-in-one app.

HR Policy Review: Let us conduct a free review of your HR policies and documentation to ensure they align with the latest inclusion standards.

Customisable Solutions: We provide tailored guidance to shape your National Inclusion Week activities and ensure they meet your specific needs.

Ongoing Support: Our all-encompassing HR support solution covers payroll, pensions, employee benefits, and employment law services, including employment tribunal support, to relieve the burden of HR compliance.

How to Participate

Organise Events: Host workshops, panel discussions, or team-building activities that promote inclusion.

Utilise Resources: Access our tools and guidance to help plan and execute your National Inclusion Week activities.

Showcase Initiatives: Highlight your organisation’s ongoing inclusion efforts and use the week to launch new projects.

Engage Stakeholders: Involve all levels of your organisation, from employees to leadership, in discussions and activities.

Promote on Social Media: Use #ImpactMatters to join the conversation and share your activities.

 

Ready to make your business more attractive to diverse talent with a great EDI (Equality, Diversity, and Inclusion) policy? Contact us today for a free review of your HR policies and documentation. Let us help you enhance your workplace’s inclusivity and demonstrate your commitment to diversity.

 

Book your free HR policy and documentation review now and see how we can help make your business a beacon of inclusivity and diversity.

Understanding Staff Turnover: How to Measure and Improve Employee Retention

Staff turnover refers to the number of employees who leave a company and need to be replaced within a specific time frame. Understanding staff turnover is crucial for maintaining a productive and engaged workforce. But is low staff turnover always better than high turnover? And what is the ideal staff turnover rate?

 

Low Staff Turnover

Low staff turnover means fewer employees leave the company. While there isn’t a specific percentage that defines low turnover, comparing your company’s turnover rate to the UK’s average is a good starting point. According to Monster, the average staff turnover rate in the UK is about 15% annually. This percentage can help you gauge whether your company’s turnover is above or below average.

 

Low staff turnover isn’t inherently a bad thing. It can be beneficial, allowing you to retain experienced and knowledgeable employees. However, it’s essential to identify who is leaving. Losing key employees can have a more significant impact than losing those less engaged or unproductive.

 

High Staff Turnover

High staff turnover indicates that many employees are leaving the company. You might face challenges if your turnover rate is higher than the UK average. However, not all turnover is negative. Employees may leave for retirement, travel, or career changes, which are often unavoidable.

 

Problems arise when valuable employees leave due to dissatisfaction or to join competitors. This scenario demands attention because each departure costs the company time and money in recruiting and training replacements. Understanding why employees leave and creating strategies to retain them is essential.

 

What is the Ideal staff turnover rate?

The ideal staff turnover rate varies by industry and company. For example, industries with a young workforce, like retail, often experience higher turnover due to employees leaving for further education or other jobs. It’s important to compare your turnover rate to industry averages and focus on retaining loyal, hardworking employees rather than getting fixated on the numbers.

 

Calculating employee turnover rate

To measure employee turnover, you need to follow these steps:

 

Collect Information:

  • Number of employees at the beginning of the period.
  • Number of employees at the end of the period.
  • Total number of employees who left during the period.
  • Calculate the average number of employees:

 

Add the number of employees at the start and end of the period, then divide by two.

 

Calculate the turnover rate percentage:

Divide the number of employees left by the average number, then multiply by 100.

 

Analysing your turnover rate

To improve employee retention, analyse your turnover rate by answering these questions:

 

Which employees are leaving?

Determine if senior or critical staff are leaving, which can indicate deeper issues.

 

Why are employees leaving?

Investigate the reasons behind employee departures, such as inadequate training, poor job fit, or compensation issues.

 

Are there any patterns?

Look for trends, such as increased departures after annual reviews, which might signal dissatisfaction with feedback or management practices.

 

Reasons for high turnover

  • Common reasons include:
  • Lack of work-life balance.
  • Overwhelming workload or unrealistic expectations.
  • Poor workplace culture.
  • Inadequate pay or benefits.
  • Lack of career development opportunities.

 

Reasons for low turnover

A low turnover rate might be due to:

 

  • Competitive pay.
  • Positive workplace culture.
  • Engaged employees.
  • Good communication between management and staff.
  • Attractive benefits and incentives.
  • How to Increase Employee Retention
  • To reduce turnover and retain top talent:

 

Engage employees: Keep employees engaged through meaningful work and involvement in company decisions.

  • Celebrate achievements: Regularly recognise and reward employee contributions.
  • Listen to employees: Address concerns and make necessary changes.
  • Hold one-to-one meetings: Discuss performance and career development regularly.
  • Offer flexible working hours: Provide options to balance work and personal life.
  • Competitive salaries: Ensure salaries are in line with industry standards.
  • Conduct exit interviews: Gather insights from departing employees to improve the work environment.

 

Conclusion

Understanding and managing staff turnover is vital for maintaining a productive and engaged workforce.By analysing turnover rates and implementing strategies to retain employees, companies can reduce hiring and training costs and foster a positive work environment.

 

Ready to get started? Use our staff turnover calculator to measure your employee turnover rate and identify areas for improvement.

What is my Staff Turnover? (zohopublic.eu)

Supporting Employee Optical Wellbeing During Eye Health Week

Eye Health Week is a timely reminder of the importance of maintaining good eye health. With many of us spending significant time in front of screens, ensuring our eyes are well cared for is crucial. As part of our commitment to employee wellbeing, we provide a range of optical benefits and training resources to help your team maintain their visual health.

 

Exclusive Optical Discounts

We’ve partnered with leading optical retailers to offer your employees fantastic discounts, making eye care more accessible and affordable. Our platform provides discounts at:

 

Lenstore: Save on contact lenses and eye care products.

SmartBuyGlasses: Enjoy deals on a wide range of glasses and sunglasses.

Vision Express: Benefit from comprehensive eye tests and a great selection of eyewear.

Specsavers: Access affordable eye care solutions and stylish glasses.

Ray-Ban: Get discounts on premium sunglasses and prescription glasses.

 

Training for Eye Protection

Our training platform includes courses designed to educate employees on protecting their eyes in the workplace:

Eye Protection Courses: Learn the best practices for eye care and protection.

DSE (Display Screen Equipment) Training: Understand how to set up your workstation to minimise eye strain and fatigue.

 

Creating Your Visual Health Policy

We understand that protecting your employees’ visual health goes beyond discounts and training. Our team can guide you in creating a robust visual health policy tailored to your company’s needs. A visual health policy may include:

 

Purpose: Ensuring employees can access to an eyesight test and corrective appliances for Display Screen Equipment (DSE) work.

Responsibilities: Clarifying the roles of employees, line managers, and HR in implementing the policy.

Procedure: Outlining the process for employees to claim grants for eye tests and prescription glasses.

Frequency: Determining how often employees can access visual health checks and grants.

 

Enhance Your Employee Benefits Programme

Investing in your employees’ eye health is an investment in their overall wellbeing. By offering comprehensive optical benefits and guidance on creating a visual health policy, you support their visual health, improve job satisfaction, and foster a healthier, more productive workplace.

 

Enhance Your Employee Benefits Programme

Investing in your employees’ eye health is an investment in their overall wellbeing. By offering comprehensive optical benefits, you support their visual health, improve job satisfaction, and foster a healthier, more productive workplace.

Ready to prioritise your employees’ visual health? Book a demo now and unlock the full potential of our comprehensive health and wellbeing benefits package.

Understanding the Cost of Recruitment

Recruitment is a critical yet costly part of running a business. From job postings to recruiter salaries, the expenses add up quickly. Knowing these costs, often called the cost per hire, is essential for developing a cost-effective recruitment plan. Let’s dive into what makes up these costs and why understanding them is vital for your business.

 

What Is the Cost of Recruitment?

The cost of recruitment, or cost per hire, is the total expenses incurred during the recruitment phase. It can include direct costs like job postings and training and overhead costs like recruiter salaries and administrative fees. Understanding these costs helps businesses formulate adequate recruitment budgets and strategies.

 

Types of Recruitment Costs

Direct Costs

Direct costs are expenses directly related to recruitment activities. These typically contribute the most to the cost-per-hire rate:

– Advertising Costs: Fees for job postings on various platforms.

– Health Screening Costs: Expenses for medical and drug screenings.

– Travel Reimbursements: Costs for candidate travel during the interview process.

– Training: Initial training expenses for new hires.

 

Overhead Costs

Overhead costs are not directly tied to recruitment but still impact the overall expenses:

– Recruiter and Marketing Salaries: Salaries of internal recruitment staff.

– Administrative Fees: Costs for administrative support and office supplies.

– Communication Expenses: Fees for maintaining recruitment software and communication tools.

 

Why Is the Cost of Recruitment Important?

Calculating the cost per hire is crucial for maintaining a cost-effective recruitment process. Understanding these costs allows businesses to allocate appropriate budgets, especially when planning expansions or opening new branches. It also aids in making informed decisions about whether to outsource recruitment or manage it internally.

 

Examples of Recruitment Costs

Here are some typical recruitment expenses:

– Job Boards: Posting adverts on job boards incurs a fee.

– Agency Fees: Recruitment agencies charge for their services.

– Health Screening: Medical centres charge for health screenings.

– Inductions: Costs associated with onboarding new employees.

– Internal Recruiter Costs: Salaries of hiring managers.

– Website Maintenance: Subscription fees for online recruitment systems.

 

Reducing Recruitment Costs

Here are some strategies to reduce recruitment fees:

  1. Analyse Recruitment Decisions: Review decisions to ensure cost-effectiveness.
  2. Reduce Training Costs: Hire candidates with minimal training needs.
  3. Implement Effective Inductions: Use online induction systems to save time and money.
  4. Provide Appropriate Salaries: Offer competitive wages to reduce turnover.
  5. Utilise Cost-Effective Advertising: Use social media and job boards like Indeed.
  6. Gain Employee Referrals: Ask for referrals from trusted employees.
  7. Improve Employee Retention: Promote a positive work environment to reduce turnover.
  8. Utilise an ATS: Use an Applicant Tracking System to streamline the hiring process.

 

What Is a Good Cost-Per-Hire Rate?

The ideal cost-per-hire rate varies depending on the business. A lower cost per hire generally indicates an efficient recruitment process. Here are a couple of examples:

 

High Cost Per Hire Example

A small manufacturing company outsources recruitment for a new production manager.

– Internal Recruiting Cost: £4,000

– External Recruiting Cost: £2,000

– Number of Hires: 1

– Formula: ( (£4,000 + £2,000) / 1 = £6,000 )

– Cost per Hire: £6,000

 

Medium Cost Per Hire Example

A landscaping company hires five new remote employees using job board adverts.

– Internal Recruiting Cost: £10,000

– External Recruiting Cost: £5,000

– Number of Hires: 5

– Formula: ( (£10,000 + £5,000) / 5 = £3,000 )

– Cost per Hire: £3,000

Understanding the cost of recruitment is essential for maintaining a cost-effective hiring process. Businesses can develop better strategies for reducing expenses and improving efficiency by analysing direct and overhead costs. Use our Cost of Recruitment Calculator to effectively measure and manage your hiring costs.

Ready to optimise your recruitment costs? Try our Cost of Recruitment Calculator now and take control of your hiring budget!

Calculate your Cost of Recruitment (zohopublic.eu)

Feel free to share this blog post to help others understand and manage their recruitment costs effectively!

Understanding and Managing Absenteeism with our Calculator

Employee absenteeism, recruitment costs, turnover, and retention are significant indicators of workplace environment and staff satisfaction. By calculating these rates, you can gauge how well your workplace adapts to workforce realities and your preparedness for future HR and employee engagement needs. One crucial tool in this assessment is the absenteeism calculator.

 

What Is Absenteeism?

Absenteeism refers to chronic or habitual workplace absence that is unplanned and unannounced. It includes partial absences like lateness, early departures, and extended lunches. It’s important to distinguish absenteeism from other forms of absence. While everyone misses work occasionally, absenteeism is particularly disruptive because:

– It often occurs unannounced.

– It undermines trust between management and employees.

– It usually indicates a need for fundamental changes to ensure employee engagement.

Unlike legitimate absences due to medical conditions or emergencies, absenteeism lacks justification and is unlikely to be excused.

 

The Impact of Absenteeism

The effects of absenteeism are generally divided into two categories: direct and indirect.

Direct Costs

– Wages for employees who aren’t working

– Overtime costs for those covering the absentees

– Replacement and recruiting costs

Indirect Costs

– Delayed work delivery

– Lower-quality work

– Loss of team morale and engagement

– Employee burnout

 

Since the onset of the pandemic in March 2020, absentee rates have transformed globally. In 2022, Americans averaged nearly 1.6 million absences per month, totalling approximately 19 million missed workdays annually—about three times pre-pandemic levels.

 

Common Legitimate Reasons for Absence

Absences can be legitimate and excusable, such as:

– Sudden illness

– Family leave

– Personal leave

– Medical emergencies

 

Although unplanned, these absences tend to be one-off events with minimal long-term impact on productivity. They only become absenteeism if extended or repeated without a supporting cause.

 

Examples of Family Emergencies

– Illness affecting a family member

– Unplanned lack of childcare

– Accidents or injuries

– Grief or bereavement

– Household emergencies like fires or floods

 

The Root Causes of Absenteeism

Absenteeism is often a sign of poor management or working conditions. For example, harsh attendance policies may result in sick employees coming to work and spreading illness, leading to more absenteeism. It’s essential to address the root causes, such as:

– Scheduling difficulties

– Lack of communication

– Poor management practices

 

Tips for Preventing Absenteeism

  1. Identify the Root Cause

Understand why employees are absent. They may feel unappreciated, overworked, or believe they won’t be missed.

  1. Create a Thoughtful PTO Policy

Be proactive about scheduled absences. Reinforce staff, communicate needs, delegate tasks, and record occurrences for follow-up.

  1. Practice Compassion

Encourage employees to stay home when sick and ensure they know legitimate reasons for absence won’t be penalised.

  1. Offer Competitive Wages

Pay employees competitive wages to reduce the temptation to exploit the system and prevent them from seeking better-paying jobs.

  1. Provide Perks and Incentives

Enhance engagement through better training, career development, healthcare plans, telecommuting options, and flexible PTO policies.

Conclusion

Effectively managing absenteeism requires a holistic approach. You can foster a more engaged and productive workforce by understanding its causes and impacts and implementing thoughtful policies and practices. Use our Absenteeism Calculator to measure your rates and take proactive steps towards improvement.

 

Calculate your Absentee Rate (zohopublic.eu)

Addressing absenteeism improves productivity and enhances the overall workplace environment, making it a better place for everyone.

Boost Your Employees’ Annual Leave with Exclusive Travel Benefits

In today’s fast-paced work environment, ensuring your employees take quality annual leave is crucial for their wellbeing and your company’s success. Quality time off helps improve mental health, reduce absenteeism, and increase retention rates. As an initiative to support this, our platform offers a range of travel benefits designed to enhance your employees’ holiday experiences while saving them money.

 

The Importance of Quality Annual Leave

Taking time off isn’t just about getting a break from work; it’s essential for mental health and overall wellbeing. Here are some key benefits of quality annual leave:

  1. Improved Mental Health: Time away from work allows employees to recharge, reducing stress and preventing burnout.
  2. Increased Productivity: Rested employees return to work more focused and energised.
  3. Better Employee Retention: Providing excellent travel benefits can boost employee satisfaction and loyalty.
  4. Reduced Absenteeism: Regular, quality time off helps maintain a healthy work-life balance, and reduces the likelihood of sick days.

 

Travel Benefits on Our Platform

Our platform offers extensive travel discounts and services, making it easier for your employees to enjoy their holidays without breaking the bank. Here’s what we offer:

  • Hotels 🏨: Enjoy exclusive discounts at top hotels worldwide.
  • Transfers 🚕: Convenient and cost-effective airport and city transfers.
  • Travel Agents 🧳: Access professional travel planning services at a discount.
  • Ferries ⛴️: Save on ferry crossings for a relaxing sea journey.
  • Resorts 🌴: Special rates at luxury resorts for the ultimate getaway.
  • Trains 🚄: Affordable train travel options for domestic and international trips.
  • Airport Parking, Lounges, and Fast Passes ✈️: Stress-free travel with savings on parking, lounge access, and fast-track security passes.
  • Airbnb 🏠: Discounts on unique stays in homes and apartments.
  • Insurance 🛡️: Affordable travel insurance to cover all needs.
  • Flights ✈️: Exclusive flight deals to destinations around the world.
  • Car Rental 🚗: Save on car hire for convenient travel.
  • Sightseeing Tours 🗺️: Discounts on tours and attractions.
  • Disneyland 🏰: Special offers on magical Disneyland vacations.
  • Coaches and Transfers 🚌: Cost-effective coach travel and transfers.
  • Package Holidays 🌎: All-inclusive holiday packages at unbeatable prices.

How Our App Enhances the Travel Experience

Our user-friendly app ensures your employees have seamless access to all these excellent travel benefits. Here’s how:

 

  • Centralised Access: All travel benefits are easily accessible in one place.
  • Exclusive Discounts: Employees can browse and book exclusive offers directly through the app.
  • Convenience: Simplified booking process for hassle-free travel planning.
  • Real-Time Updates: Receive the latest deals and discounts instantly.
  • Boosting Employee Wellness and Financial Wellbeing

Offering these travel benefits enhances your employees’ holiday experiences and contributes to their overall wellness and financial wellbeing. Employees can enjoy quality time off without financial strain, leading to happier, more productive, and loyal team members.

 

Ready to Enhance Your Employee Benefits Programme?

Investing in your employees’ wellbeing with our comprehensive travel benefits is a win-win for everyone. Boost morale, improve retention, and reduce absenteeism by making quality annual leave accessible and affordable.

Ready to take your employee benefits to the next level? Book a demo today and discover how our app can transform your employees’ holiday experiences.

Demystifying the P11D Form: A Guide to Navigating Taxable Benefits and Expenses

In the United Kingdom, the P11D form is essential for upholding transparency and precision in the taxation of employee benefits and expenses. It serves as a detailed ledger, capturing the diverse array of perks and allowances provided by employers to their workforce, all subject to taxation yet excluded from regular salaries. Let’s delve into the intricacies of the P11D and its pivotal role for both employers and employees.

  1. Understanding the P11D: The P11D is a statutory form employers utilise to report the monetary value of taxable benefits and expenses bestowed upon employees throughout the tax year. These encompass a broad spectrum, ranging from company cars and health insurance to travel expenses and accommodation allowances. By diligently reporting these benefits, employers ensure compliance with HM Revenue and Customs (HMRC) regulations and facilitate precise tax calculations for employees.
  2. Exploring Taxable Benefits: Taxable benefits covered by the P11D are diverse, encompassing:
  • Company cars and fuel for personal use.
  • Private medical or dental insurance.
  • Interest-free or low-interest loans.
  • Travel and subsistence expenses.
  • Employer-provided accommodation.
  • Assets transferred to employees at reduced costs.
  • Payments made on behalf of employees, such as school fees or childcare.
  1. Employer Responsibilities: Employers are legally obliged to accurately assess and report all taxable benefits and expenses on the P11D form. It entails calculating the cash equivalent value of each benefit as per HMRC guidelines and accounting for any Class 1A National Insurance contributions due. Submission of the P11D to HMRC annually by July 6th and associated payments is mandatory for compliance.
  2. Considerations for Employees: The information on the P11D is vital for employees to comprehend their total remuneration package and ensure accurate tax payments on benefits received. It also refers to claiming tax relief on certain expenses or deductions. Employees should review their P11D meticulously to verify the accuracy of reported benefits and expenses, seeking clarification from employers or HMRC if needed.
  3. HMRC Compliance and Penalties: HMRC utilises data from the P11D to scrutinise the accuracy of employees’ tax returns and enforce compliance with tax regulations. Failure to submit the P11D by the deadline or inaccurately reporting benefits may result in financial penalties for employers. Timely and accurate fulfilment of P11D obligations is imperative.

The P11D form is a a critical tool within the UK tax framework, fostering transparency and accountability between employers and employees. Employers uphold compliance with HMRC regulations by accurately documenting taxable benefits and expenses, fostering transparent communication with their workforce. Simultaneously, employees leverage insights from the P11D to navigate tax obligations effectively, fostering trust and transparency in the workplace. Understanding the nuances of the P11D process is pivotal for upholding regulatory compliance and promoting financial responsibility.

Unlock Extra Income with Eternal Engagements: Introducing Our Introducer Incentive Program!

Welcome to Eternal Engagements, where we’re committed to easing the burden on your clients’ shoulders and helping them navigate the complexities of running a business more efficiently. With our comprehensive suite of employee services, including guaranteed employment law protection, pensions, payroll management, and our innovative benefits app, we’ve got all the tools to streamline operations and promote peace of mind.

 

But here’s the exciting part – when you introduce Eternal Engagements to your clients, you’re not just offering them invaluable solutions, you’re also unlocking a fantastic opportunity to earn extra income for yourself.

 

Our Introducer Incentive Program is simple yet rewarding: for every employee your clients refer to us who signs up for our services, you’ll receive £1 per employee per month on invoice clearance for the first two years. It’s our way of saying thank you for your support and trust in our services.

 

Why Refer to Eternal Engagements?

Earn While You Help: With our referral program, you can earn extra money while assisting your clients in improving their HR practices, managing payroll, setting up pensions, and enhancing employee benefits.

 

Holistic Solutions: In today’s rapidly evolving business landscape, companies need more than just financial acumen to thrive. Eternal Engagements offers a holistic approach that incorporates innovative strategies and untapped opportunities to drive your clients’ growth journey forward.

 

Trusted Partnership: By partnering with Eternal Engagements, you’re aligning yourself with a trusted industry leader known for its commitment to excellence and client satisfaction. We’re here to support you every step of the way and ensure your clients receive the best-in-class services they deserve.

 

So, why wait? Start referring your clients to Eternal Engagements today and unlock a world of opportunities for both your business and theirs. Together, we can pave the way for success and prosperity in the ever-changing business landscape.

 

Ready to refer and earn? Contact us to learn more about our Introducer Incentive Program and get started on your journey towards greater financial rewards and client satisfaction. Let’s make a difference together with Eternal Engagements!

What is a Workplace Pension?

Introduced in 2012, Automatic Enrolment aims to promote savings for retirement. This governmental mandate requires all UK employers to enrol eligible workers into a qualifying workplace pension scheme. Employees earning over £10,000 and aged between 22 and State Pension age are automatically enrolled, but those earning less still have the option to join, potentially receiving pension contributions from their employer.

Participating in a Workplace Pension offers numerous benefits. In addition to receiving contributions from your employer on top of your salary, you also benefit from tax relief on your contributions. These funds are managed by Options, invested across a range of stocks, shares, and assets to grow until you are ready to access them.

Typically, you can start accessing pension funds from the age of 55. However, it is important to consider that drawing your pension earlier may result in lower benefits, potentially leaving you in need of these funds for an extended period.

What is a Master Trust?

The Options Workplace Pension Trust (OWPT) operates as a Master Trust, providing money purchase benefits for multiple, unconnected employers. Introduced in 2019, Master Trust authorization by the Pensions Regulator aimed to elevate standards for the 14 million members invested in them. OWPT received Authorization on September 25, 2019, and is listed as an approved Master Trust by the Pensions Regulator, ensuring compliance with stringent standards.

How much should I contribute to my pension?

Under Automatic Enrolment legislation, eligible jobholders must contribute a minimum of 8% of qualifying earnings into a workplace pension scheme, with the employer contributing 3%, leaving the employee responsible for the remaining 5%. Qualifying earnings include various forms of income, such as salary, wages, overtime, bonuses, and statutory payments. Contributions are based on earnings between £6,240 and £50,000, with both the employee and employer contributing within this range.

Contributing regularly into your pension, even as retirement approaches, is beneficial, as it ensures you benefit from employer contributions, tax relief, and the compound effect of long-term saving.

Tax relief is provided through the net pay arrangement, where pension contributions are deducted from gross earnings before tax calculation, ensuring full tax relief for the contributor.

What could I get if I start saving later in life?

It is never too late to start paying pension contributions. For instance, starting at age 55 with monthly contributions could yield significant returns over time, thanks to compound growth.

Options upon leaving employment:

Upon leaving employment, individuals have two options: leave the accumulated funds in the pension pot to grow over time or transfer to a new employer’s pension scheme or another arrangement. Transferring existing pension pots into one larger pot may be beneficial for ease of management and potentially reducing overall charges.

Pension Scams:

The Pensions Regulator warns against pension scams, urging members to be cautious of unsolicited communication offering free pension reviews, guaranteed high returns, or exotic overseas investments. If in doubt, members are advised to contact The Pensions Advisory Service for assistance.

Expression of Wish:

Members are encouraged to specify beneficiaries for their death benefits, ensuring their wishes are honoured. It is essential to review and update these details regularly, especially after significant life events such as marriage, divorce, or having children.

Contact Us:

Want to know more? Contact us to find out more about how we can help with all your pension needs.

 

MEN’S HEALTH WEEK 2024: Break the Silence, Share Your Story

Men don’t talk, they say. But for Men’s Health Week 2024, we’re challenging that notion. Inspired by King Charles’s openness about his health journey, we’re urging men everywhere to speak up and share their stories.

 

When King Charles revealed his battle with an enlarged prostate, the impact was profound. Within hours, thousands sought information and support. This demonstrates the power of honest sharing. While most of us may not wield the same influence as royalty, every story shared chips away at the taboo surrounding men’s health.

 

At our core, we believe in fostering open dialogue. That’s why we’re launching “P For Prostate,” a comprehensive guide covering everything from prostate basics to common health issues. By breaking the silence, we empower men to take charge of their health and support one another.

 

In recognition of Men’s Health Week, we’re shining a light on the importance of holistic wellness for men. Beyond physical health, it’s time to address mental and emotional well-being too. As advocates for employee welfare, we believe in offering comprehensive support through our tailored health benefits.

 

🏋️‍♂️ Physical Wellness:

Our health benefits extend far beyond the conventional. With access to top-tier gym discounts and exclusive offers on fitness equipment and supplements, staying active has never been more accessible. From gym memberships to home workout gear, we’ve got you covered.

 

🧠 Mental Health:

In today’s fast-paced world, mental health is paramount. Our Employee Assistance Program (EAP) provides instant access to professional support and self-help guides, ensuring that help is always within reach. Whether it’s stress management or coping with life’s challenges, our resources are here to support you.

 

💰 Financial Well-being:

Financial stress can take a toll on overall health. With our benefits package, employees gain access to financial planning services, empowering them to take control of their financial future. From investment advice to retirement planning, we’re committed to your financial well-being.

 

⚖️ Work-Life Balance:

Finding harmony between work and personal life is essential for overall health. Through our flexible work arrangements and family-friendly policies, we promote a healthy work-life balance. Because your well-being matters both in and out of the office.

 

🔍 Wellbeing Check and Hub:

Our wellbeing hub offers tailored guides specifically designed to address men’s health concerns. After taking an assessment, access courses, videos, and podcasts covering everything from work wellbeing—including desk exercises—to raising awareness about prostate and testicular cancer. Empower yourself with knowledge and resources tailored to your needs.

 

At Eternal Engagements, we prioritise the health and well-being of our employees. This Men’s Health Week, let’s break the silence and prioritise holistic wellness. Because when it comes to health, every aspect matters.

 

Ready to prioritise your employees’ health? Book a demo now and unlock the full potential of our comprehensive health & wellbeing benefits package.