British businesses will face a bill of more than £15bn to properly comply with auto-enrolment regulations, according to research from a think tank.
The Sunday Times reports a paper from the Centre for Economics and Business Research - on behalf of pension consultant Creative Auto Enrolment - predicts that businesses employing fewer than 500 workers will spend a total of £15.4bn on set-up costs. It also said an average of 103 'man days' would be needed to make the necessary changes needed to comply with employer duties.
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