Businesses are facing set-up costs totalling £15.4bn to meet the requirements of auto enrolment (AE) legislation, a new report from the Centre for Economic and Business Research (CEBR) has found.
The report, commissioned by Creative Auto Enrolment, says AE will cost SMEs up to £28,300 per business and take up to 103 man days to prepare for.
The CEBR found the set-up costs “punitively high” at £8,900 for small businesses, £12,600 for businesses with up to 100 employees, £15,600 for up to 250 staff, and £23,300 for those with 500 people. The largest firms in London will face a bill of £28,300 to be compliant with the legislation.
David White, managing director of Creative Auto Enrolment, said...