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Pension reforms pushed back for small businesses
The Government has announced that it is going to put back the date from which pension auto-enrolments for businesses with fewer than 50 employees begins.
The rescheduled timetable - which has moved from April 2014 to May 2015 - will help business such as painting and decorating firms, by giving them more time to adjust to the changes.
The Government has stated that auto-enrolment will help millions of workers to save for their retirement, but has also accepted that the process will cost businesses a total of £3bn.
With the economy in recession, it has decided to soften the schedule for pension reform for small firms, until conditions are more favourable, giving them some breathing space.
This move should certainly help painting and decorating businesses, many of which don't currently have any existing pension scheme for their employees.
Minister for Pensions, Steve Webb, said: "This is a sensible step that ensures long term pensions issues are addressed while meeting the short and medium term needs of small businesses."
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Comments (1)
TREVOR G January 16th 2012
Hope its as good as you say but when are you going to do something about the problems with undercoat and gloss