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Business loan could help combat pension costs
Reported on Tue, 23 May 2006
Taking out a business loan could help companies to combat the rising costs of pensions.
According to a report in the Guardian, employers are set to face an additional £2.6 billion in staff contributions under the Government's new pension proposals, which are to be announced later this week.
The proposals aim to reform the pension system to cope with the national shortfall caused by an ageing population and a reluctance to save. They include enrolling all UK employees into a National Pension Savings Scheme (NPSS).
Under this scheme employers would be forced to contribute a minimum of three percent of their employees' salaries, which, the Guardian's report says, would increase the already heavy burden of pension costs.
Citing a government leak, the newspaper said that a three-year transitional package will be introduced to help employers manage these new charges, but many small and medium sized businesses could still feel the pinch.
A business loan could help to reduce the burden of higher pension costs, allowing firms to concentrate on expansion and innovation.
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