As per latest official figures shared, that have managed to show a steep hike in the cost of providing employees with "final-salary retirement schemes", employers' pension contribution over the last 10 years has more than doubled to hit 41.1 Billion Pounds.

As per the report, costs of 21.8 Billion Pounds, which were recorded in 2001, managed to shoot up over the decade on the back of rise in life expectancy, falling interest rates and a stagnant stock market that has not managed to rise beyond the peak it hit in 1999.

Pension experts have shared that final-salary schemes, which generally guarantee to pay about two-thirds of an employee's last earned paycheck, became one of the biggest unexpected bills faced by firms when the global financial crisis hit companies everywhere in 2007.

The amount that is being paid in pensions has, however, managed to record a 12% fall over the past 2 years, i. e., since the recession began.

Confederation of British Industry, the employers' group, has asserted that high pension costs have managed to rob firms of vital funds at a time when they desperately needed to invest in new services and products.