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Credit crunch is encouraging people to save money through payroll

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Credit crunch is encouraging people to save money through payroll

Written by Kerry Dye
Tuesday, 16 September 2008
The Institute of Payroll Professions is focusing their National Payroll Week on the theme of “saving through payroll” to generate awareness among people about the different ways of savings through payroll for their futures. New research released by the Institute of Payroll Professionals (IPP) reveals that just under half of all employees (48%) are inclined to save through their payroll. However, of the people surveyed, almost 30% are not offered any type of saving schemes by their organisation and 8 out of 10 of these people would take advantage of this, if offered to them. The most popular savings schemes offered by organisations were company pension schemes, salary sacrifice scheme (such as child care vouchers) and save as you earn schemes. With the credit crunch being high in the news at the moment, the topic of saving and surviving the economic downturn is still a key issue for many. The Institute of Payroll Professions is focussing their National Payroll Week from the 8th-12th September on the theme “saving through payroll” and encouraging payroll professionals to celebrate the week and promote this theme National Payroll Week is a key date for Payroll professionals as it raises awareness of what payroll does for the workforce of the UK, and their everyday lives as well as the economy. National Payroll Week also gives employees the opportunity to make suggestions to organisations about their benefits an Lindsay Melvin, CEO of the IPP says, “With individuals becoming increasingly concerned about their futures, the IPP has developed National Payroll Week’s theme of ‘saving through payroll’ to generate awareness of the various different ways people can save for their futures. It also provides the opportunity to raise the profile of the payroll department within its company and demonstrate how it can impact the business, staff motivation and retention.” Bookmark with: Delicious Digg reddit Facebook StumbleUpon What are these?

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