UK Money News
10th July 2008
Call for higher SAYE limits
Consumers would be encourage to save money if the upper limit of save as you earn (SAYE) schemes was raised, it has been claimed.
According to ifs Proshare, the 2.3 million workers who currently participate in the schemes should be allowed to save £400 per month in an SAYE scheme.
The current limit for SAYE, which enable workers to take a stake in their employer and thus benefit from the firm's performance, is just £250 and has remained unchanged since 1991.
Phil Hall, head of public affairs at ifs ProShare said that this means that the amount that consumers put aside is being eroded on an annual basis.
He added: "The government has rightly talked of the importance of encouraging people to save more, particularly in the current economic climate.
"By increasing the amount of money employees can save in a SAYE plan, the government can provide a tangible example of action taken to match such rhetoric."
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