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The Credit Crunch Is Encouraging People To Save Through Payroll

New research from the Institute of Payroll Professionals (IPP) reveals that nearly half of 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.

With the one year anniversary of the credit crunch on the 4th of August only recently behind us, the topic of saving and surviving the economic downturn is still a prevalent issue. In light of this, the IPP is encouraging payroll professionals to celebrate National Payroll Week (NPW) from the 8th to the 12th of September and promote this year’s theme of ‘saving through payroll.’

NPW is a vital part of the payroll professional’s calendar, as it helps to raise awareness for the important role payroll plays in the everyday lives of the UK’s workforce, in business and the wider economy. It is also an ideal opportunity for employees to provide suggestions to their organisations on the numerous ways that they can invest in their futures through payroll.

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. “

The IPP has done some extensive payroll research.  Did you know that:

• Nearly eight out of 10 (78%) who are not offered saving schemes by their employers said they would take advantage of them if given the choice.
  
• The most popular saving schemes are:
  • Company pension scheme – (59%)
  • Salary sacrifice schemes (eg child care vouchers) – (53%)
  • Save as you earn (SAYE) – (22%)
    
• This country will probably be close to bankruptcy if the PAYE was not paid over on time.
  
• Payroll Professionals are responsible for over 95 billion in health and retirement benefits.
  
• The PAYE collected by us Payroll Professionals is  nearly half of the total taxes the UK Government receives.
  
• Payroll Professionals are responsible for more than 2900 HM Revenue & Customs (HMRC) forms.
  
• We have to keep abreast of the ever changing regulations.  IPP has identified around 1000.
  
• Payroll Professionals pay more than 50 million employees every month.

The IPP is a 23 year old membership organisation that wants to achieve Chartered status by 2010.  People who work in the payroll industry have seen a fundamental shift in the way they work recently because tax legislations have become more complicated and the Government has moved the burden of collection onto the employer. IPP regularly lobbies the Government on its policy decisions.