Salary Sacrifice

Love2shop salary sacrifice graph

SALARY SACRIFICE

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SALARY SACRIFICE: TAX SAVINGS FOR EMPLOYEES

Salary sacrifice schemes are a fundamental element of a robust employee benefits package. By having employees engage with a suite of salary sacrifice options, they can make significant savings on their monthly essentials and streamline their budgeting.

Employers save money too, getting discounts on employee NI contributions when employees give up a portion of their salaries for benefits. On top of the direct financial benefits to businesses, employees are less likely to deal with financial stress, more likely to be physically healthy, and more likely to be productive and loyal when they engage with a potent voluntary benefits package.

Cycle to
Work

Employees get healthier, happier and save money with bicycle commuting.

Holiday
Trading

Staff can buy extra holidays or sell holidays back to their employer.

Car
Payments

Save on payments and service costs on environmentally friendly cars.

HOW SALARY SACRIFICE WORKS

Salary sacrifice is when employees agree to exchange part of their salary to get extra, non-cash benefits from their employer. The idea behind this is quite simple.

Once an employee accepts a salary sacrifice, their overall pay will be lower as they fund the benefit directly from their gross earnings. This means that they will pay less tax and National Insurance. Employer will also enjoy not having to pay Employers’ National Insurance contributions on the part sacrificed.

THE VOLUNTARY BENEFITS SCHEMES WE OFFER INCLUDE:

  • Holiday trading

    Employees take a reduction in their annual salary in exchange for more days of holiday, or sell their unused leave back to their employers to create more working days without recruitment costs.

  • Cycle to work

    Save money on employee NI and tax payments while building a healthier and more productive workforce with bicycle commuting schemes.

  • Car payments

    Help employees take the stress out of car ownership with a cost-neutral “just add fuel” scheme to get staff into environmentally friendly cars.

DOWNLOAD THE EMPLOYEE BENEFITS WHITEPAPER

Find out more about the role of employee benefits in creating an engaged workforce with high levels of talent retention.

Love2shop Employee Benefits Whitepaper

WANT TO KNOW MORE?

Please don’t hesitate to get in touch with us to talk about how we can help your business painlessly set up effective employee benefit schemes.

Please note that salary sacrifice solutions are delivered in association with   

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