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With a salary sacrifice scheme, employers take the monthly repayment amount from an employee’s salary at the Gross level. Reducing the Grosspay amount lowers the tax and NIC contributions the employee and employer must make. Employee Discounts make everyday living more affordable, offering up to 20% off with over 100 retailers.
employee benefits generally equal 25% to 50% of a worker’s grosspay. Think discounts at retail stores and car dealers, free travel for airline employees, free or reduced tuition for college and university employees, stock or stock options for corporate employees, and free or reduced-cost company swag.
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. Donations are tax-effective because they are taken from grosspay, which means the charity get more of employees’ donations and it costs the donor less.
Retailer Central Co-op has launched an electric vehicle salary sacrifice scheme as part of its ongoing commitment to sustainability. Eligible employees can participate by sacrificing a portion of their grosspay and will be able to save up to 40% on monthly costs.
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 scheme allows staff to apply for a flexi-voucher which can be used to buy a bike or cycling equipment from different retailers over the course of a year, without having to purchase everything at once.
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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