Article by: Nathan Long |
The work looks at those on or around the National Living Wage. For those aged over 25 this is currently £7.50 and for those aged between 21 and 24 it is £7.05. Comment Nathan Long Senior Pension Analyst at Hargreaves Lansdown.
The data shows the distribution of these low paid workers. Almost 1 in 5 people work in distribution, hotels and restaurants; 27% are those with no qualifications;12.3% are disabled
Non UK Nationals account for 13.6%. Weekly earnings of £192 are sufficient for those who are paid weekly to be enrolled into their workplace pension. This requires over 25 hours of work each week. The data also shows that; 17.9% work part-time 20.6% on zero hours contracts.
Nathan Long Senior Pension Analyst at Hargreaves Lansdown. ‘This data serves as a timely reminder against the backdrop of the on-going review of auto-enrolment that there are groups of people at severe risk of being left behind when saving for retirement.
Rises in National Living Wage have helped, but those who are low paid and working part-time or on zero hours contracts remain on the outside looking in. It also appears that those working in hospitality or distribution are particularly susceptible to missing out on saving for retirement.’