The new scheme will mean all UK businesses will be required to offer a company pension scheme to all staff aged over 22 and earning above £7,475 per annum.
With intentions to benefit those who have no retirement fund-currently between four and eight million people-the National Employment Savings Trust (NEST) will mean even those who often change jobs will have build up a pension for their retirement.
The scheme will begin next year and the government hopes all companies will be registered by 2016.
Pensions Minister Steve Webb said the move would help many UK employees who currently have no retirement fund to look forward to: “NEST will be the new low-cost pension scheme that will be the vehicle for saving for millions”.
Small businesses have reacted badly to the news, claiming the cost would not be enough for their books to handle. After the government announcement that the private sector would need to pick up where the public spending cuts left off, the new scheme would mean more financial hardships for ‘micro’ firms.
Showing posts with label government cuts. Show all posts
Showing posts with label government cuts. Show all posts
Wednesday, 3 November 2010
Thursday, 28 October 2010
Government warns that private sector must pick up the slack from public spending cuts.
The Government has said that the public spending cuts announced by George Osborne could bring 490,000 public sector job losses to the UK and the private sector should benefit.
Along with the cuts, the Chancellor announced that businesses would see a £7bn tax cut in the budget with hopes to instil the promise that taxes will be lower in future.
The Telegraph reported that chief economic advisor to the Ernst & Young ITEM Club, Peter Spencer said: “The Government has bent over backwards to produce business-friendly policies…Companies now have to step up to the plate.”
Forecasting a positive economy, Spencer added: “Large companies are in excellent shape, with plenty of opportunities for investment and employment and the financial strength to exploit them.”
General secretary of the TUC, Brendan Barber disagreed, claiming that regions with weak private sectors will suffer from the cuts as they struggle to provide the resources.
Barber said: “Public sector job losses are likely to occur in some of the UK’s more depressed regions where private sector job creation is already extremely poor. Job losses will depress local economies even further.”
Along with the cuts, the Chancellor announced that businesses would see a £7bn tax cut in the budget with hopes to instil the promise that taxes will be lower in future.
The Telegraph reported that chief economic advisor to the Ernst & Young ITEM Club, Peter Spencer said: “The Government has bent over backwards to produce business-friendly policies…Companies now have to step up to the plate.”
Forecasting a positive economy, Spencer added: “Large companies are in excellent shape, with plenty of opportunities for investment and employment and the financial strength to exploit them.”
General secretary of the TUC, Brendan Barber disagreed, claiming that regions with weak private sectors will suffer from the cuts as they struggle to provide the resources.
Barber said: “Public sector job losses are likely to occur in some of the UK’s more depressed regions where private sector job creation is already extremely poor. Job losses will depress local economies even further.”
Monday, 11 October 2010
How many of the UK's Public Sector Recruitment Agencies will survive 2011
Recruitment in the Public Sector is set to be hit particularly hard over the next couple of years as Government cuts really bite. As a result Recruiters servicing this sector are in for a very rough ride in the next few years.
With this in mind, market analysts Plimsoll have looked at how prepared each of the UK's 298 Public Sector Recruitment Agencies are for a difficult 2011. We looked at how each agency is currently performing and how resilient they will be in the face of a massive downturn in their market. Here's what they found:
- 75 are rated as Strong and are best placed to come through the next few years in tact
- 58 others are in dire trouble already and will be the first to fail when demand slows
- A marked fall in demand will accelerate consolidation in the market with
96 agencies exposed to takeover
Click here to see how Plimsoll's latest report will show you which UK Public Sector Recruiters could disappear in 2011 and who is set to survive
With this in mind, market analysts Plimsoll have looked at how prepared each of the UK's 298 Public Sector Recruitment Agencies are for a difficult 2011. We looked at how each agency is currently performing and how resilient they will be in the face of a massive downturn in their market. Here's what they found:
- 75 are rated as Strong and are best placed to come through the next few years in tact
- 58 others are in dire trouble already and will be the first to fail when demand slows
- A marked fall in demand will accelerate consolidation in the market with
96 agencies exposed to takeover
Click here to see how Plimsoll's latest report will show you which UK Public Sector Recruiters could disappear in 2011 and who is set to survive
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