BUSINESSES in Scotland have been warned they face a £1.1 billion bill to get ready for a new scheme requiring all employers to enrol staff into a workplace pension.
Independent economists at the Centre for Economics Business Research say that firms north of the Border will have to take steps to prepare for auto-enrolment, which was made mandatory by Westminster legislation introduced a year ago.
A new report by the think tank claims that companies north of the Border will face set-up costs of £29,000, the third highest in the UK outside London and the South East.
The study warns that businesses will need to complete 33 different administration tasks to ensure they are prepared for auto-enrolment and the extra duties are set to take each employer up to 103 man days.
The size of the total bill reflects the large number of companies in Scotland, with 92,200 businesses predicted to be operating the schemes by 2018.
The report also finds that Scottish businesses must find a cumulative total of £80m to contribute to workplace pensions by 2018.
The drive to get more people saving for their future aims to head off a crisis.
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