The introduction of a government-approved secondary pension scheme for Guernsey and Alderney has been delayed.

The scheme was due to be established in 2022 after being approved by deputies, but Brexit and Covid-19 have caused a delay.

No alternative start date has yet been proposed. A delay was not unexpected given the challenges of the past year, and that it could help businesses already hit by the pandemic prepare for the scheme’s implementation.

Local employers will be obliged to offer a pension scheme for staff if they do not do so already, and to make contributions of up to 3.5% of salary.

The default scheme is to be administered by a UK auto-enrolment pension provider specialist, but many businesses are setting up new schemes with local providers.

Details of the delay are set out in Employment & Social Security’s Social Security Contributory Fund Accounts 2020, due to be discussed by the States on 16 June.

Source: Guernsey press Website (Secondary pensions held up by Covid and Brexit | Guernsey Press)

An extensive package of measures to address the cost-of-living crisis, which formed part of the Chief Minister’s 100 day plan has been passed.

The aim of this package is to put almost £15 million back into Islanders’ pockets this year and almost £42 million in 2023.

The Minister for Treasury and Resources, Deputy Ian Gorst, said: “This mini budget will help individuals and families with their budgets in this cost of living crisis. I am pleased with the work we have done to help people with these broad measures at this time of need in the community.”

Some of the changes passed as part of the Mini budget will directly impact payroll in Jersey. A reduction from 6% to 4% for employee Social Security contributions, came into effect on the 1st of October 2022 for 3 months (ending on the 31st of December 2022).

Our clients won’t need to do anything, as the update to social security will go through to our databases automatically.

Also approved as part of the Mini budget was an above inflation increase of 12% in Income Tax thresholds and allowances, including Child Allowances, Additional Allowance and Child Care Tax Relief. From 1 January 2023 Income tax threshold for a single person will be raised from £16,550 to £18,550.

We will also be updating Jersey databases to reflect the increase in income tax thresholds from the 1st of January 2023 onward and will let our clients know if any action is required.

You can find more information about the Mini budget through the Government of Jersey website: https://www.gov.je/News/2022/Pages/MiniBudgetQandA.aspx

Source: Government of Jersey News Release.

Returning to St Helier for their fifth event in the Channel Islands, DisruptHR is a global movement designed to energise, inform and empower people in the fields of people, business and the future of work.

Once in a while, an event series is born that shakes things up, makes you think differently, it leaves you inspired, this is DisruptHR.

14 speakers, just five minutes each, and slides rotate every 15 seconds. Over 250 global cities across 6 continents have hosted this phenomenon.

Offshore Payroll is delighted to be announced as a supporting sponsor for Disrupt St. Helier 2024, with Offshore Payroll’s very own Megan Rolland included in the line-up of speakers.

Speaking on the announcement Director, Jeralie Pallot has said “As a team, we are very proud to be a supporting sponsor of this thought-provoking event that challenges traditional HR practices.  We are especially excited to be supporting Megan on stage as she disrupts conventional thinking on payroll; with thoughts on transforming a routine administrative task into a powerful strategic tool for developing meaningful connections. We live in a world that thrives with change, where agility and adaptability are the keys to success – why should payroll be any different?“

Interested? Tickets are now available on Eventbrite click here, we look forward to seeing you there!