You gotta think big in banking – especially with executive pay!
Barclays CEO Matthew Barrett’s pay rose 29% to £1.74m in 2000, including a £850,000 salary, £246,000 benefits, and £638,000 bonus. The increase reflected his first complete year leading the bank.
MFR Abolition
The Chancellor announced plans to abolish Minimum Funding Requirements (MFR) for pension funds, which the insurance industry cautiously welcomes. The MFR, introduced after the Mirror Group scandal, forced funds into conservative investments with lower returns. The ABI recommends replacing it with a “wise men” panel to set discount rates, balancing flexibility with protection against misuse.
Budget in Brief
The budget targets 2.5% inflation and 2.25-2.75% growth in 2001, with £4bn extra annual funding for government priorities. Key measures include £1bn each for hospitals and schools, capital gains tax cuts, increased minimum wage to £4.10, and inheritance tax threshold raised to £242,000.
Reader’s Budget Responses
Share your thoughts on the budget in the comments section below. This is your opportunity to weigh in on fiscal policy and economic priorities while keeping the discussion respectful and constructive.
Interview Checklist
Looking to improve your hiring process? An interview checklist helps standardize candidate evaluation across all departments and positions. Share your successful templates and best practices by contacting Denise Halton.
Budget Day: How you can keep upto date – follow the beast!
AccountingWEB is providing comprehensive budget coverage and reporting today. Visit their dedicated budget pages for in-depth analysis and updates on the latest financial announcements.
Shake up continues in financial services: another 2,000 jobs go
Britannic Assurance is closing its direct salesforce with the loss of 2,000 jobs, following Prudential’s similar move last month. The restructuring reflects ongoing consolidation in financial services as regulatory pressures and competition from banks reshape the industry.
Minimum wage to rise to £4.10
The UK government has accepted the Low Pay Commission’s recommendation to raise the National Minimum Wage to £4.10 per hour from October 2001, with a further increase to £4.20 planned for October 2002. The rise will benefit approximately 1.4 million workers, with 70% being women, and represents an 11% pay increase for those currently on the £3.70 minimum wage.
Developing best practice in exployee exits
Develop effective employee exit processes by collecting structured feedback, maintaining confidentiality, and integrating exit data with suggestion systems and performance reviews. Learn best practices for conducting exit interviews and leveraging insights to improve retention and workplace culture.
Disability Rights to be extended
The Government will extend the Disability Discrimination Act to provide increased legal protection for people with cancer, cover nearly seven million previously excluded jobs, and impose a legal duty on public bodies to ensure equal opportunities for disabled people.
Summer holiday of discontent
UK passport office workers will vote on strike action this week after rejecting a 5.6% pay offer deemed to have “too many strings attached.” The PCS union is pushing for 7% and warns potential strikes could disrupt Easter holiday travel plans.
External Training Policy
An external training policy can include provisions for recovering course fees if employees leave shortly after training. This approach requires careful legal consideration regarding employment contracts, tax implications, and fairness to employees to avoid potential disputes.
Legal documents available online
The HR Zone Resource Centre now offers legal documents online through a partnership with LawRights.co.uk. Templates covering employment, business contracts, partnerships, housing, immigration and wills are available at individual prices, with some free options, all legally valid in England and Wales.
HR Zone Workshop Alert – live from Atlanta!
Join an HR Zone online workshop live from the 2001 Training Conference and Expo in Atlanta on March 6 at 13:00 GMT. Workshop host Peter Cox and contributors will discuss emerging learning and development trends, technologies, and ideas shaping the future of training.
Looking back in anger – an interview with Brayton Bowen
Unresolved workplace anger affects one in four workers and is taking a significant toll on productivity, customer relations, health, and employee commitment, according to consultant Brayton Bowen, who explores solutions for creating healthier work environments.
TUC: Mothers want more money and time off – and it’s affordable
The TUC says extending maternity leave to 26 weeks with enhanced pay is affordable, costing just £1 billion annually. New mothers surveyed support longer leave and higher pay rates, with 73% likely to take full leave if paid 90% of earnings throughout the period.
Welcome to FedEE members
HR Zone welcomes Federation of European Employers members and offers comprehensive support services including HR news, job vacancies, expert guides, payroll and tax services, recruitment tools, and access to over 300,000 training events through the Learning Campus.
Breach of contract
A company terminated an employee’s contract unilaterally without formal discussion or performance review. The employer claims no breach occurred despite lacking a disciplinary procedure, though a grievance process exists. The employee received three months severance but was denied explanation, responsibility acknowledgment, and accrued holiday pay.
Should employers be responsible for at-work road safety?
A new discussion document seeks public views on whether employers should be responsible for managing at-work road safety, as research suggests up to a third of serious road crashes involve someone working at the time.
National Minimum Wage set to rise by 10%
The UK national minimum wage is set to rise by approximately 10%, increasing from £3.70 to around £4 per hour. Trade and Industry Secretary Stephen Byers will announce the increase as part of next week’s Budget, marking the second rise since the minimum wage’s introduction two years ago.
