Remuneration

UK: independent review recommends employers publish workforce data broken down by race and pay band

The independent Baroness McGregor-Smith Review into race in the workplace was published on 28 February 2017.  It sets out evidence that people from BME backgrounds are still being held back in the workplace and has urged businesses with more than 50 … Continue reading

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Filed under Discrimination and equal pay, Jurisdiction: UK, Remuneration

UK: Discretionary benefits – how absolute is an employer’s discretion?

It is tempting, when seeing the words ‘any bonus payment shall be at the company's absolute discretion’ in an employment contract to think that the employer's discretion will in fact be 'absolute'. As usual though, when the law is involved, … Continue reading

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Filed under Contracts of employment, Jurisdiction: UK, Remuneration

UK: Acas/GEO publish draft guidance on gender pay gap reporting

On 28 January 2017 Acas and the Government Equalities Office published draft guidance on the new gender pay gap reporting obligation, available here. Although in draft, we understand from the GEO that this is because it pre-dated the Parliamentary approval … Continue reading

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Filed under Discrimination and equal pay, Jurisdiction: UK, Remuneration

Singapore: Amendments to the Retirement and Re-employment Act

On 9 January 2017, the Parliament of Singapore passed the Retirement and Re-employment (Amendment) Bill 2016 (Bill). The Bill abolished employers' right to reduce the salary of workers who reach the age of 60, and introduced a provision which exempts … Continue reading

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Filed under Jurisdiction: Asia, Remuneration

UK: New statutory benefit and minimum wage rates confirmed

The national minimum wage increases have been confirmed: the hourly rate for those aged 25 or over will be £7.50 from April 2017. The Department for Work and Pensions has confirmed that, from April 2017, statutory sick pay will increase … Continue reading

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Filed under Family-friendly rights, Jurisdiction: UK, Remuneration

Thailand: Increase in minimum wage

Thailand’s nationally set daily minimum wage of 300 Baht (approximately US $9) is likely to change at the end of 2016. The Central Wage Committee has recently announced increases in the minimum daily wage for 69 of the 77 provinces … Continue reading

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Filed under Jurisdiction: Asia, Remuneration

UK: ESMA publishes final versions of UCITS V and updated AIFMD remuneration guidance – where are we now?

ESMA has published the final version of its guidance on the remuneration provisions of UCITS V, available here, and the updated guidance on the AIFMD remuneration provisions, available here. These final versions are the same as those included in in … Continue reading

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Filed under Remuneration

Singapore: Compliance checks – employment passes

The Singapore government has recently raised the salary threshold for Employment Passes. Companies have been given a lead time to comply; however employers should take steps now to ensure that it is able to meet the new threshold, as well … Continue reading

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Filed under Jurisdiction: Asia, Remuneration

UK: PRA Crack-down on Buy-out awards

The Prudential Regulation Authority (PRA) has published its latest policy statement on remuneration, focussing on buy-out awards granted to employees who move between banks, building societies and PRA-designated investment firms, including UK branches of non-EEA headquartered firms. The new rules … Continue reading

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Filed under Jurisdiction: UK, Remuneration

UK: BIS Select Committee launches Corporate Governance Inquiry

The Business, Innovation and Skills ("BIS") Select Committee announced on Friday that it is launching an inquiry into corporate governance, focussing on executive pay, directors duties and boardroom composition, including employee representation and increasing the number of women in executive … Continue reading

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Filed under Remuneration