Bank Bonuses get 50% tax whilst Insurers left in the clear

NCD News: Bank Bonuses get 50% tax whilst Insurers left in the clear - 11.12.09

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Bank Bonuses get 50% tax whilst Insurers left in the clear: >>>> The pre-budget report which was revealed on Wednesday has indicated that there will be a 1% increase in national insurance payments for middle income earners and another 1% for those on incomes above £44,000. The top tax rate has also been widened to include pension earnings, despite the small increase to the pension itself. However, bankers have been issued with a one off 50% tax affecting all bonus payments above £25,000, to be paid by the banks themselves. It will not affect contracts which have already been agreed however and insurance company bonuses are not affected by the tax.

>>>> Police have warned that people using expensive phones at music gigs may be putting themselves at risk of theft. There has been a rise in the numbers of thefts at crowded venues such as music concerts, leading police to suspect organised gangs are at the root of the problem. The crowds and loud music make it easier for the criminals to escape. The Metropolitan Police's National Mobile Phone Crime Unit have said that many people assume they have lost their phone while at the concert, but there is a good chance it has been pick-pocketed from their handbags or pockets. Posters at concerts are warning fans to keep their property secure.

>>>> An international medical insurer based in the UK, is to offer HIV/Aids cover with immediate effect. Usually a waiting period of 4 to 5 years is imposed on this type of cover and for many years cover was not offered at all. InterGlobal have aimed the product at Africa. A spokesperson pointed out that while the usual exclusions relating to pre-existing conditions did still apply, the plan offered something not usually available to people living in Africa.

>>>> Twitter and other social networking sites are causing a problem for the customer services departments of insurance and financial services companies. Known as "twitterstorms", the complaints can damage the reputations of the companies targeted. Research from the Institute of Customer Service has shown that 90% of people are willing to complain to others about bad service, something which is easier to achieve with the internet.

>>>> Figures released by the ABI have shown that the level of fire damage in the UK has risen to the highest ever levels at £639m for the first half of this year. The ABI have released the figures as part of their "Tackling Fire: A Call for Action" initiative launched today. They also found that the average cost of fire is £8,000 for a domestic fire and £21,000 for commercial. They discovered that arson increases during a recession and the rates are 30 times higher in deprived areas. The ABI have called for a review of the case for making fire sprinklers mandatory in all new buildings and a zero tolerance approach to arson. The current detection rate for arson is just 8% compared to 24% for other offences.

>>>> Geoffery Glaister who was kicked by a horse at a Cumbrian fair has been blocked from receiving any compensation for his injuries. He was left brain damaged after the runaway horse kicked him in 2004 when he attempted to catch it by the reins. His family had sought compensation from Appleby Town Council, but the judge ruled that the council did not owe a duty of care, despite failing to arrange public liability insurance for the event. The judge said that the council did not own the land or have any control over the way the fair was run.

>>>> Allianz is to change its bonus scheme to encourage managers to focus on the long term strategies of the business. The mid-term element of the bonus is to be increased to 25% from 11% and a third of the bonus will be kept aside until the end of three years. Another third is to be put into equity. The bonus is subject to upper limits, but can reach 165% if targets are reached. A supervisory board will review the targets and decide to what extent they have been reached, using factors which reflect the interests of customers and employees.

>>>> Pension figures revealed this week have shown that workers contributed more to their pensions than their employers for the first time in six years during 2008. Employees paid nearly £2bn more than their employers according to The Office for National Statistics. Despite these figures the actual value of the pension pots has fallen due to the share market falls. The age at which men retire has remained static at 64.5 while the age women retire has increased slowly over the last few years to 62.4 this year.

>>>> A couple from Leeds have been awarded £22,000 in compensation from The Cunard Line after their £59,000 cruise was affected by "stress". Mr and Mrs Milner complained of stormy conditions, sleepless nights and a noisy cabin, despite being upgraded to a penthouse suite. They abandoned their cruise 6 weeks into the 15 week holiday. They had already received a £48,240 refund for the unused part of their trip. Cunard is challenging the compensation payment at the Appeal Court. †