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...So-called superfunds have emerged as a cheaper option for employers looking to offload pension plans without paying a premium for a full insurance buyout....
...UK asset manager Abrdn has slashed employee benefits as part of a fresh round of cost cuts, halving redundancy payouts and reducing the length of paid parental leave by about a third....
...These “buyouts” — of pension plans and the assets backing them — are regarded as the gold standard for safeguarding benefits....
...“The role of reinsurance, particularly offshore reinsurance, is making [it] even harder to regulate an already opaque life insurance sector,” he added....
...On jobs, Nationwide went so far as to say that it “does not intend to make any material changes to the size of the Virgin Money employee base in the near term”....
...He spoke as Labour claimed Hunt’s ambition to scrap employee national insurance contributions amounted to a “£46bn unfunded tax plan”, drawing parallels to the £45bn of unfunded tax cuts in the 2022 mini-Budget...
...Governments need credible commitments and delivery plans for net zero....
...Employers’ association the CBI has proposed that employee assistance programmes, such as health insurance, be made a fully tax-free benefit, while the CBI and British Chambers of Commerce are calling for...
...The Sony-backed group plans to keep Benefit One listed and it has already agreed to buy Pasona’s stake in the subsidiary....
...High earners benefit most from cuts in national insurance contributions, according to the Resolution Foundation, a think-tank....
...Hunt signalled that his “long-term ambition” was to abolish employee national insurance altogether, a pledge likely to be central to a Tory general election pitch....
...A national insurance cut is seen as a more pro-economic growth measure as it would only benefit workers....
...to end employee national insurance contributions over time....
...A 1p cut in NI employee contributions would cost about £5bn and a 1p cut in income tax would cost £7bn....
...Zurich said it was “committed to finding a solution for this portfolio and will explore options in due course”, adding that the deal collapse did not affect its financial targets or capital management plans...
...Each 1p cut in employee national insurance rates costs £5bn, while a 1p cut in the 20p basic income tax rate costs £7bn....
...Hunt presented his tax cuts, free childcare expansion, and changes in eligibility for benefits as ways “to grow the economy by rewarding work”....
...He reduced employee national insurance rates by 2p in his Autumn Statement in November last year and the cut came into effect in January....
...Main policy announcements National insurance A 2p cut in the main rate of employee and self-employed contributions for 27mn workers, costing about £10bn a year....
...So I don’t think we’ll be seeing the abolition of national insurance any time soon, not even the abolition of employee national insurance. I think the public finances are just far too tight for that....
...From a Treasury perspective, a national insurance cut makes the most sense as it directly benefits workers and offers incentives for those earning a living.”...
...Labour has claimed chancellor Jeremy Hunt will create a £46bn fiscal hole after he confirmed indications in his Budget speech that he wanted eventually to scrap employee national insurance contributions....
...plans to save $3tn through higher taxes over 10 years....
...The building society said it did not plan to “make any material changes to the size of the Virgin Money employee base in the near term”. Virgin Money employs about 7,300 people....
...The planned national insurance cut is designed to encourage work, but some in Number 10 argued that reducing income tax would have more retail appeal and benefit more people....
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