CIPP research on saving contributions deducted from an employee?s pay
06 June 2014
As you are aware the CIPP is looking for ways in which payroll can help their employees avoid unnecessary, expensive loans e.g. pay day loans. The CIPP is working with a number of credit unions and other similar organisations to see how employees can not only obtain lower cost loans but also help them save for the short and medium term. The pension reforms, for example, automatic enrolment, will help employees save for their retirement but often people have other projects they require savings for now. Research shows that when savings or deductions are made from payroll, employees find it much easier to manage their budgets; this is where the payroll industry can help. To aid the CIPP’s understanding, the policy team would like to hear from anyone who currently operates a payroll saving scheme, or is considering one, whether a credit union , other body or even in-house, to obtain information about the pros and cons for payroll. Please can you spare 10 minutes of your time to complete this short survey. Closing date for responses is 30 June 2014, thank you.