Employer Coalition for Workplace Savings Schemes to Launch Tuesday

A National Coalition for Workplace Savings is set to launch on Tuesday. The employer-led group represents sectors including retail, hospitality, transport, facilities management, the public sector and charities. It collectively employs around 400,000 people.

Members include the Co-op, First Bus, Next, the Department for Environment, Food and Rural Affairs, Travelodge, Mitie and StepChange. The coalition was initiated through the Government’s financial inclusion strategy. It will work to increase UK employees accessing and benefiting from workplace savings schemes.

Workplace savings schemes allow employees to build regular amounts into a savings pot via payroll deductions. Savings are held in cash in an easy-access account and can be withdrawn at any point without penalty. The coalition will champion uptake, share best practice and support innovation over the coming years.

Rachel Blake, Economic Secretary to the Treasury, said: “Everyone should have the opportunity to build financial resilience, but we know that when household budgets are stretched, saving can be difficult. Working with employers across sectors, this coalition will help make workplace savings schemes easier to access and support more working people to build regular savings habits and a financial safety net.

Claire Costello, chief people officer at the Co-op Group and the coalition’s chair, said: “Building consistent saving habits is an important part of improving financial resilience across the UK. With growing evidence of the benefits provided by workplace saving schemes, this collective of employers, supporters and partners will help more people build a financial safety net.

” Sarah Williams, chief people officer at OCS UK & Ireland, said: “For many colleagues, the gap between a manageable month and a difficult one comes down to whether something unexpected happens.