One in five tradespeople don't expect to fully stop working, a ban on retention payments could take three years, and a scaffolding firm raises funds for MDA Association
One in five tradespeople don’t expect to ever fully stop working — that’s according to research from NFU Mutual and On the Tools.
In the same poll, nearly half of tradies admitted they have done no planning for retirement and 25% said they had no arrangements in place.
The results chime with recent government research, which shows that just 4% of self-employed are saving for their retirement.
With limited planning in place, nearly eight out of ten trades are relying on their business to see them through until they decide to stop working.
But 44% of those surveyed confessed they were unsure how to exit their business.
---
Government plans to outlaw cash retentions in construction could take up to three years to fully come into force.
The proposed changes have been included in the New Commercial Payments Bill published earlier this month.
Campaigners have long argued that retention payments tie up working capital and are often used to unfairly delay payments.
---
Connolly Scaffolding is organising a charity football match to raise funds for the Motor Neurone Disease Association.
The firm is raising money in memory of its former managing director, Wayne Connolly, who died suddenly last year.
The former MD was a big believer in giving back.
To donate, click here.
---
To listen to the construction news, please click below
