What is Salary Sacrifice?
Salary Sacrifice Schemes allow employees to contribute a proportion of their gross pay towards non-cash benefits. We like to call it Salary Investment!
What Salary Sacrifice Schemes are out there?
There are number of salary sacrifice schemes available to employers to offer their employees such as:
- Electric Car Salary Sacrifice Scheme
- Cycle to Work Scheme
- Salary Sacrifice Purchasing Annual Leave Scheme
What is the benefit of a salary sacrifice scheme to your staff?
As salary sacrifice contributions are taken from gross pay they are able to lower their national insurance and income tax contributions but still receive the full buying power of their gross pay.
How do I set up a salary sacrifice scheme for my employees?
If you do not have a salary sacrifice scheme in your business the team at My Staff Shop are here to walk you through the process of setup and roll out across your organisation. If you currently have a scheme in place we can integrate your existing scheme or you can look at implementing some elements of the MY Staff Shop scheme – please contact the team today to talk through your requirements.
Holiday Purchase Scheme
Employees can buy additional leave, allowing them to enjoy the holiday of a lifetime, attend that unexpected event, or even take a sabbatical if your holiday policy allows. Employees pay for the additional leave their gross salary over 12 months ; spreading the cost and saving on tax and NI. You will save money on salary costs and NI contributions.
Childcare Vouchers
The UK Government Childcare Voucher scheme is no longer accepting new applicants. If your company has an existing childcare voucher scheme it can be managed via our platform, or you can switch any existing contracts for a more cost effective solution.
Go Green
Grow your green credentials with environmentally friendly cycle and car schemes. With our leasing partners, you can be sure that the best deal for your company is on our platform.
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