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| Auto-enrolment pensions 'will adversely affect small firms' |
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| Latest Recruitment News - HR and Recruitment Legislation News |
| Written by DirectNews Feed |
| Monday, 20 June 2011 00:00 |
Small businesses with staff fulfilling roles such as finance jobs in London are set to face issues when the government's pension reforms are implemented, new research has suggested.According to a study published recently (June 17th) by the Institute of Directors (IoD), many such firms are likely to struggle with the introduction of auto-enrolment pensions next year due to the added financial and administrative burden this scheme will bring about. In the aftermath of the economic downturn, the government has pledged to reduce the amount of red tape faced by smaller businesses in order to help them drive the country's recovery. However, the IoD's survey established that 57 per cent of all such employers expect the changes to vastly increase the time burden on their business. Miles Templeman, director-general of the body, observed: "Since the government isn't prepared to change course on what's essentially a major piece of employment regulation, it needs to compensate for this burden with an equally significant deregulation elsewhere." Recently, smaller firms were described as the "backbone" of the UK economy by an official from the Federation of Small Businesses. Posted by Mary King
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