The British Chamber of Commerce (BCC) suggests the government exempt new businesses from upcoming pension reforms so they will be more prepared to take on staff.
Research conducted by the BCC suggests the forthcoming auto-enrolment requirements are the biggest factor discouraging sole traders from taking on their first staff member. According to the survey, 32% of one-person businesses highlighted the new pensions requirements as a significant barrier. The BCC suggests new businesses should therefore be exempt from the upcoming legislation until they have been in business for three years or have ten employees. "[This would remove one of the biggest barriers to job creation," BCC policy director Dr Adam Marshall said. Auto-enrolment, whic...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
