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After you subtract all of the taxes and other deductions, money left over is considered take-homepay. Read on to learn more about what is take-homepay and how to calculate it. What is takehomepay? Take-homepay may also be called net pay.
When automatic enrolment came into effect in the UK from October 2012 , all eligible employees started saving more for retirement without having to worry about it. million in 2012 to 7.7 But it left these employees with only the state pension waiting in retirement. million by 2016.
As of 2012, the introduction of auto-enrolment mandates all employers to provide a workplace pension. Net Pay contributions from your employees is deducted before tax. While there’s no tax relief here, your employee will end up paying less in National Insurance and will notice an increase in their take-homepay.
Since pension auto enrolment was introduced in 2012, more people than ever have pension deductions – employee and employer pension contributions – showing on their payslips. Every payslip must show an employee’s total or gross pay, their net or take-homepay, any deductions or payments, and list any variable hours that have been worked.
As an employer, you’re obliged to provide your staff with a workplace pension – a mandate made compulsory by the UK government in 2012. In a nutshell, this mechanism allows employees to maintain their pension contributions and even enjoy a slightly higher take-homepay. Is your provider helping with this?
If you’ve been reading here for a while, you’ll recall that we’ve talked a lot about how millennials and the new generation Z (which includes those born between 1996 and 2012) are poised to transform the work place with their command of all things tech and desire to make the world a better place.
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