EXCLUSIVE: In answer to a new question asked of them this year, more than half (54%) of survey respondents do not feel that their organisation’s employees are saving enough to be comfortable once they exit work, according to research by Employee Benefits.
The Employee Benefits/Wealth at Work Pensions research 2019, which was conducted during October 2019 among 135 HR decision makers, also found that 29% simply do not know if their staff are on the right track. Add to this the face that that only 17% are confident that employees are well prepared, and a concerning picture emerges.
The mean minimum employee contribution for the majority of staff, across all respondents, sits at 4% this year. The largest proportions of employees are paying a minimum of either 5% (31%) or 4% (27%) into their pension each month. Only 7% of respondents, overall, have a minimum employee contribution of upwards of 6% of salary, while the majority sit either at or below the levels set by auto-enrolment.
With five generations working alongside one another for the first time since the Industrial Revolution, all with vastly differing needs, expectations and external pressures placed on their finances, getting employees to engage with retirement, which for many is a far-off concept, is a continued concern for employers.
Click to download the Employee Benefits/Wealth at Work Pensions research 2019