Over 500,000 UK workers gain access to new workplace savings schemes
UKPulse Money Desk
Major employers have joined a government-backed initiative to offer new payroll savings schemes, providing over half a million workers with an easier way to build financial resilience.
- Over 500,000 UK workers will have the opportunity to build savings through new employer schemes.
- Major employers including BT, M&S, Veolia, Home Bargains, and Tesco have joined or launched schemes.
- Employees can automatically put a chosen proportion of their pay into savings, accessible without charge.
More than half a million workers across the UK are set to gain access to new workplace savings schemes, as major employers join the government-backed National Coalition of Workplace Savings. Companies such as BT, M&S, Veolia, and Home Bargains are now offering these arrangements to their employees.
Tesco has also launched a payroll savings scheme and is working with the Coalition. These schemes allow employees to automatically allocate a portion of their salary into a personal savings pot, which can be accessed at any time without charge.
The initiative is part of the Government’s plan to enhance financial resilience and help individuals build savings. The Government is also working to remove barriers for employers, including developing a factsheet to clarify how savings schemes operate within National Minimum Wage rules.
Why this matters: The schemes aim to provide a safety net for employees by making it easier to save regularly and access funds when needed.
What this means for you: If your employer is part of the National Coalition of Workplace Savings, you may have the option to automatically save a portion of your pay directly from your salary.