Half of small businesses not ready to provide workplace pension
08 July 2016
New research from online business service, Geniac, has found that over half (52%) of small businesses are not confident their business will be ready to offer the auto enrolment pension scheme within the government deadline.
SMEs are in danger of incurring additional costs and penalties if they do not act soon. However, recent research shows that nearly two-thirds (64%) of small business owners say that unexpected costs have caused serious business issues including: experiencing profit losses (23%); being forced to readjust growth targets (21%); and having to let staff go to free up funds (7%); demonstrating the need for businesses to ensure they receive professional advice.
Mike Galvin, co-founder of Geniac, comments, “The fact that over half of small businesses are unprepared for auto enrolment should ring alarm bells. Entrepreneurs must avoid sleepwalking up to the deadline as this could cost them dearly, particularly fledgling companies with limited budgets.
“Thousands of business owners are simply in the dark over how to handle this major administrative change, or are putting off sorting it because of the time involved. To avoid unexpected penalties, business owners should seek professional advice to get ready by the deadline.”
To find out more you can download the full research report here - http://blog.geniac.com/hidden-costs-infograpic