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From October employers will be compelled to contribute towards their worker’s pensions!

This October 2012 not only sees an increase in the Minimum Wage (up 11p to £6.19) but it is also sees the start of of auto-enrolment into workplace pensions.

Starting immediately large employers will have to deduct 3% of every workers earning , add an extra 1% themselves, and send this to a workplace pension. The system is being phased in gradually for smaller companies but most employers will have to join by 2015.

This employers contribution is set to rise to 3% in 2018 (and higher beyond?) and will be very difficult to pass on to customers.

Surely, this is another good reason for engaging sub-contractors not employees?

 

To discuss your CIS payroll needs get in touch on 0113 8267260 or via our online contact form.

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