EUROPE/UK - EU plans to extend temporary workers rights will cost businesses £95m in additional pay and pensions, government estimates reveal.
The Department of Trade and Industry calculated the figure after the European parliament approved a draft directive for agency workers’ rights, which will award temporary workers the same pay rights as permanent staff.
Law firm Pinsent Curtis Biddle, though, believes it is unlikely that agency workers would win pension rights.
Associate Nicola Bumpus said the European directive gives employers the option of avoiding the provision of occupational pensions to fixed-term workers.
Retirees could benefit from more sustainable income and higher death benefits by including guaranteed income in the asset mix of their portfolios at retirement, according to research by Milliman.
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This week's top stories included an analysis finding the cost of equalising guaranteed minimum pensions in schemes could hit FTSE 100 profits by up to £15bn.
Employers whose dividend to deficit recovery contribution (DRCs) ratios fall outside the "normal range" should expect to see higher regulatory scrutiny, although no fixed ratio will be set.