With rising National Insurance contributions set for 6 April, businesses and employees face financial strain. Research shows only 48% of UK companies offer salary sacrifice options for pensions, limiting potential savings. Smaller businesses are particularly affected, with only 38% of those with 20 employees or fewer utilizing this scheme. Industry experts urge more businesses to consider salary sacrifice, as significant savings are possible. Towergate Employee Benefits has developed a savings calculator to illustrate potential savings for employers and employees. The implementation of salary sacrifice could help mitigate the impact of new cost increases.
Employers not currently utilising salary sacrifice for pensions are potentially missing out on savings for their business and their employees.
Just 38% of companies with 20 employees or less offer salary sacrifice, this compares to nearly half of companies with 21-249 employees.
Towergate Employee Benefits has created a salary sacrifice savings calculator to help employers in the decision-making process.
Utilising salary sacrifice could be a very efficient way for employers to make significant savings, particularly following the cost increases from new National Insurance levels.
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