Government launches employee money saving scheme

Fri, 15 Jan 2010

A senior government minister has described plans to reform the pensions system as the most significant change to working entitlements since the introduction of the National Minimum Wage.

According to secretary of state Yvette Cooper, the proposed scheme by would enable millions of workers to invest in a workplace pension .

Under the new system, employers of various sizes would join workers in paying money into a pension for the first time.

The reforms have been specifically introduced to help small and start-up businesses through the economic downturn.

The largest companies will begin implementing the plans from October 2012, but smaller business will be given longer to start the process.

Of the plans, Cooper said: "Even during these difficult economic times, employers, industry and unions agreed with us that these reforms were vital in giving millions of people the chance to save in a pension for the first time."

The Confederation of British Industry responded to the announcement by saying that the government has listened and responded to the concerns of businesses.
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