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All The Latest Bulletins From The World Of Business

Male Pensions Almost Double Female Pensions

Research has revealed the UK gender pension gap show that the average male pension equated to £8,466 while the average female’s equated to £4,285; a 49% difference, according to the latest review of the Gender Pension Report by the Government Actuary’s Department (GAD).A 46% difference was also seen between actively contributing males and females in legacy accrued final salary benefits, and a 35% difference between male and female actively contributing members post-2014 accrued career average benefits. The difference also highlights how females taking career breaks or working part-time significantly impacts upon pay and pensions; a balance that needs addressing.

KRESTON REEVES’ ENHANCED MATERNITY LEAVE POLICY

Kreston Reeves has introduced an industry leading maternity and adoption leave policy that will see new parents receive full pay for 21 weeks. The policy, which took effect from June 1st, offers all qualifying staff an enhanced maternity and adoption leave way above the statutory minimum (currently £172.48 a week). The policy also allows shared parental and adoption leave alongside paternity leave. It follows the firm achieving B Corp status, recognising the need to balance profits with purpose. Sharn Manku (right), HR Director at Kreston Reeves, said, “Kreston Reeves has an ever-growing female workforce. We look to support our staff in every way we can, including the development of tomorrow’s leadership teams.”