Auto enrolment delayed for SMEs
by Gill Montia
Story link: Auto enrolment delayed for SMEs
The Government has announced changes for small businesses regarding the automatic enrolment timetable and is allowing more time for implementation.
Under the revised timeline, SMEs will have to begin automatically enrolling their staff in May 2015, instead of April 2014.
In addition, while automatic enrolment will still be rolled out in autumn 2012 the rate of pension contributions will remain unchanged until all firms are on board, a measure that will benefit all employers.
Minister for Pensions, Steve Webb, comments: “We recognise that small businesses are operating in tough economic times so we are softening the timetable for implementation to give them some additional breathing space.”
He adds: “This is a sensible step that ensures long term pension issues are addressed while meeting the short and medium term needs of small business.”