There are many different employee benefits nowadays, and one of the most popular forms is salary sacrifice. From childcare vouchers to holiday trading, the options are endless. However, one of the most beneficial is the Bike to Work scheme.

Introduced in the UK in 1999, the purpose of this government tax exemption initiative was to reduce pollution and encourage people to take a healthier journey to work. In basic terms, this scheme gives employees the ability to hire safety equipment and bikes from their employers as a tax-free benefit. There are benefits for both parties. Let’s begin by looking at employee benefits. Firstly, employees save a considerable sum of money, not only in travel costs but they can save more than 40 per cent on the cost of bikes and equipment. They can also tone up, lose weight, and improve their well-being. For employers, the benefits are just as extensive. You can boost your company’s environmental policy by reducing your carbon footprint and you can save around 14 per cent in terms of reduced NIC.

Hopefully, you now have a better understanding of the Bike to Work scheme. This is definitely an employee benefit that all businesses should consider implementing.

Check here: http://teamrewards.co.uk/salary-sacrifice.html