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By asking employees to lower their gross income (for example, by the percentage they contribute to their pension), and committing to contribute the difference directly into their pension, employees can actually increase their take-homepay. This happens because lower earnings mean less NI to pay.
Followed by individuals working in the arts, entertainment, or recreation (33%), legal services (32%), IT, software and telecoms (31%), wholesale (30%), government and public administration (27%), and construction (25%). Results vary considerably when examined by industry or profession.
As people began to spend more on travel, entertainment, and other discretionary expenses, savings rates were back in single digits. This is typically done in employer retirement savings plans with an auto-escalation feature that automatically increases an employee’s contribution amount by a specific percentage of pay.
With Empuls, you can: Deliver tax-free fringe benefits like fuel reimbursements, meal cards, LTA, and more—helping employees maximize their take-homepay. Provide early wage access , giving employees financial flexibility between pay cycles and reducing money-related stress.
Next, list your monthly expenses, including your rent or mortgage payments, utilities, groceries, pharmaceutical or medical needs, child care costs, home or auto maintenance, debt payments and insurance premiums, and anything else you regularly pay for, including expenses you might only pay annually.
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