Policies · Under review · 2 sources combined
Non-enrolled in Retirement Pension
58% from Micro Businesses
In short
Of 6.11 million workers not enrolled in retirement pensions, 58% work at businesses with fewer than 30 employees.
The government plans to mandate retirement pension enrollment at all businesses by 2030.
Micro businesses face increased burden as they must set aside cash externally each month.
Key facts
| When | On October 30, analysis results from the National Data Hub's '2024 Retirement Pension Statistics' were released. |
|---|---|
| Who | Of 13.086 million eligible workers, 6.114 million (46.7%) remain unenrolled. |
| What | 57.7% of non-enrolled workers, or 3.527 million, work at businesses with fewer than 30 employees. |
| How | Businesses with fewer than 10 employees have a non-enrollment rate of 78.9% (2.322 million people). |
What it means for me
Workers at businesses with fewer than 30 employees are expected to experience both benefits and burden changes from mandatory retirement pension enrollment.
Employees at small businesses may see increased retirement savings due to expanded retirement pension enrollment.
Operators of micro businesses may face increased financial burden from mandatory monthly external deposits.
