Employee Benefits
FEBRUARY 22, 2023
Car salary sacrifice arrangements remain a popular employee benefit; in its January 2023 Leasing Outlook , the British Vehicle Rental and Leasing Association (BVRLA) found a 20.5% year-on-year increase in company cars funded through salary sacrifice to quarter three in 2022. What are car salary sacrifice schemes?
Employee Benefits
MARCH 6, 2024
In his Spring Budget, Jeremy Hunt, Chancellor of the Exchequer, said that this will save the average worker on a salary of £35,400 around £900 a year, once combined with the 2p cut announced in the Autumn Statement 2023. This means that a person on the average wage now has the lowest effective personal tax rate since 1975.
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Employee Benefits
FEBRUARY 21, 2024
The extent of the savings will depend on an employee’s salary , with annual savings of £457 for employees on average earnings of £35,400 and £754 for employees earning over £50,270 per annum. So, employees should see an increase in their monthly net salary. Is it all good news? Unfortunately, the answer is no.
Employee Benefits
FEBRUARY 15, 2024
Launched this week and set to run until 2028, with break clauses at the end of years two and three, the managed service provision framework includes a fully managed service and individual services for employee benefit schemes, covering a range of salary sacrifice and voluntary deduction arrangements.
Employee Benefits
APRIL 22, 2024
A salary sacrifice arrangement can support employees who are dealing with the impact of fiscal drag. In his Autumn Statement last November, Chancellor Jeremy Hunt extended the freeze on national insurance (NI) and income tax rate thresholds until April 2028. offers James.
Employee Benefits
FEBRUARY 14, 2024
The UK government plans to increase the retirement age from 66 to 67 by 2028 and 68 by 2044, with experts believing it may eventually rise to 71 (Workplace Wellbeing Professional). With the retirement age continually increasing, many UK employees rely on their salary for longer.
Employee Benefits
AUGUST 22, 2023
Under UK pension rules, 8% of an employee’s aggregate salary should be put into a pension plan. Using an annual salary of £50,000 as an example: • £208.33 What’s are the Employer’s Minimum Pension Contributions? Of this, employers must fund at least 3%.
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