{"id":5867,"date":"2024-07-24T10:15:30","date_gmt":"2024-07-24T10:15:30","guid":{"rendered":"https:\/\/www.bainesjewitt.co.uk\/blog\/?p=5867"},"modified":"2024-07-24T10:15:32","modified_gmt":"2024-07-24T10:15:32","slug":"pension-crisis-looms-so-how-can-business-owners-help-their-employees","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/pension-crisis-looms-so-how-can-business-owners-help-their-employees\/","title":{"rendered":"Pension crisis looms, so how can business owners help their employees?"},"content":{"rendered":"

The recent Scottish Widows 2024 retirement report highlights a growing pensions crisis, with the number of people not on track for even a minimal retirement lifestyle rising from 35 to 38 per cent over the past year.\u00a0<\/span>\u00a0<\/span><\/p>\n

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The alarming rise in the number of people not saving enough for retirement has implications for individuals and businesses alike.\u00a0<\/span>\u00a0<\/span><\/p>\n

For businesses, it is a chance to ensure their payroll management practices are efficient enough to secure the financial well-being of their employees.\u00a0<\/span>\u00a0<\/span><\/p>\n

The retirement report, based on interviews with over 5,000 people, reveals that many are delaying retirement due to financial concerns.\u00a0<\/span>\u00a0<\/span><\/p>\n

Over half of those surveyed expect to work seven years longer than they would like, and 27 per cent believe they will never retire.\u00a0<\/span>\u00a0<\/span><\/p>\n

54 per cent expect the state pension to form a significant portion of their retirement income.<\/span>\u00a0<\/span><\/p>\n

Steps business owners can take<\/span><\/b>\u00a0<\/span><\/p>\n

As a business owner, you have an important role in helping your employees prepare for retirement. Here are some steps you can take:<\/span>\u00a0<\/span><\/p>\n