`The Chartered Institute of Payroll Professionals
News On Line
Back to contents
Twitter’s payroll department walks out Published: 23 November 2022 Emailed: 23 November 2022
The CIPP doesn’t usually report on big businesses and their management, however this time around is different. The social media site, Twitter, bought by Elon Must just weeks ago, issued an ultimatum to its employees: join the company for ‘Twitter 2.0’ or it will be assumed you are taking voluntary redundancy.
Following this email, it is reported that the entirety of the payroll department, tax team and much of accounting opted for the latter. At the deadline, less than 50% of employees chose the former.
With no payroll team, remaining employees may not be paid on time, if at all. Huge effort, and potentially cost, will now go into damage limitation around the payroll function in an attempt to get workers paid. In addition, severance payments need to be made to those who chose to leave, more work for the incoming payroll team who may be unfamiliar with systems and processes.
As more information becomes available the situation may change. But what this highlights is the importance of the payroll function, not only in keeping people, but maintaining the faith and goodwill needed between employees and employers.
Back to contents
Keep calm and jingle all the way – plan your payments todayPublished: 23 November 2022
Published: 12 December 2022 Emailed: 14 December 2022 Businesses across the country are encouraged to wrap up their payments in advance of the festive period and tick that important job off the finance team’s holiday to -do list. Pay.UK, which runs the Bacs payment system used to process Bacs Direct Credits and Direct Debits, is providing useful advice and tips to help organisations prepare for Christmas, including a reminder that payment files can be submitted early. Planning ahead will help to avoid any nasty holiday season surprises and make it even easier for finance, billing, and collections teams to navigate the additional Bacs non-processing days, which fall on Monday 26 and Tuesday 27 December, and Monday 2 January. This means that payments due to be credited or debited before Christmas Day will need to be submitted no later than Wednesday 21 December, while payments due on the first working day after Christmas (Wednesday 28 December), will need to be submitted by Thursday 22 December.
As we move into 2023, payments due either side of New Year should be submitted by Wednesday 28 and Thursday 29 December, respectively.
To help businesses, Pay.UK has also created a handy processing calendar which details all of the non-payment processing days to be aware of next year, as well as information on latest submission dates, and can be downloaded from www.bacs.co.uk/processing-calendars.
This includes the additional bank holiday on 8 May 2023 to mark the coronation of King Charles III, which means that there will now be three non-processing days during that month.
Here are some handy tips to help with Christmas payments:
cipp.org.uk
Page 146 of 238
Made with FlippingBook - Online magazine maker