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As it says on the tin, when you join a salary sacrifice scheme, you allow your employees to sacrifice part of their monthly salary to pay for a product or service, commonly via a Cycle to Work, Electric Car, Refurbished Tech, or Annual Leave Purchase Scheme. That’s before Payroll processes the tax and NIC calculations.
At CAF, for example, we support major retailers in establishing community investment and engagement programmes, including distributing the funds generated by the plastic bag levy. The offer of payroll giving facilitates regular employee donations to charitable causes they feel passionately about.
The scheme, which is offered in partnership with WorkPlace Nursery, will enable employees to pay for nursery fees through a deduction from their grosspay, which will save on tax and national insurance contributions (NICs). The post FitFlop introduces salary sacrifice nursery scheme appeared first on Employee Benefits.
The payments can be made either through a salary sacrifice arrangement from grosspay or from a net pay arrangement. Employees opt for a voucher for the value of their choice, up to a maximum amount set by the employer, and they receive the voucher to redeem at Currys on whatever tech they like available at the retailer.
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