The HR Banker: 3 money matters to consider in 2017

The HR Banker: 3 money matters to consider in 2017

The days of HR ‘only being concerned with the fluffy stuff’ are over, more and more it is being recognised that the financials are a big part of the people function now.

And 2017 has some monetary changes ahead that will certainly affect HR and employees within the business. Elliott Silk, Head of Employee Benefits at Sanlam, lists his top three things for employers to consider in the coming year.

1. Salary sacrifice

“The changes to salary sacrifice from April 2017 on schemes excluding pensions, childcare vouchers, cycle to work and low emission cars will lead to employers reviewing their benefits. This could result in withdrawing from certain schemes, meaning employees will need to arrange this provision privately – this could cost them more and reduce their net disposable income.”

2. Lifetime ISA

“It will be interesting to see whether the new Lifetime ISA is a success and if it leads to increases in opt-out rates on pensions. As those under age 22 are not auto-enrolled, people of this age are likely to save into the Lifetime ISA. It is also probable that those in this category will not be able to afford to pay into both vehicles, which may result in them shunning pensions and opt-out when becoming an eligible jobholder.”

3. Changes to tax-relief

“Tax-relief will be a large focus during 2017, and we expect a lot more changes to tax relief on pensions next year. The Government may use the auto-enrolment review that is taking place next year as an opportunity to put forward proposals on the subject of tax-relief.”

Read More

10 unexpected UK firms offering UNLIMITED holiday

Firms such as Netflix have been famed for their enviable...

HR Grapevine
HR Grapevine | Executive Grapevine International Ltd
Are employers biased against fathers seeking part-time work?

The shift in shared parenting roles is not being reflected...

HR Grapevine
HR Grapevine | Executive Grapevine International Ltd
#RandomActOfKindnessDay: Top 10 goodwill initiatives by employers

Today is Random Act of Kindness Day - or week - according...

HR Grapevine
HR Grapevine | Executive Grapevine International Ltd
Fleeting Thought: 6 salary sacrifice myths busted

After the Autumn Statement and subsequently the Finance...

  • 11
HR Grapevine
HR Grapevine | Executive Grapevine International Ltd
11 firms that let staff work from anywhere

Flexible working is fast becoming one of the most loved,...

  • 88
HR Grapevine
HR Grapevine | Executive Grapevine International Ltd
20 best firms for staff perks

The benefits a workplace provides hold a strong influence...

  • 193
HR Grapevine
HR Grapevine | Executive Grapevine International Ltd

Guide to Fleet Management

Guide to Fleet Management 2016

Top Features

Get ahead of the game by registering now

* By registering you agree that you have read and agree to our Terms and Conditions and that Executive Grapevine International Ltd and its partners may contact you regarding relevant content and products.
HR Grapevine Magazine Latest Issue

Magazine Features