Salary sacrifice schemes are hugely popular among UK employees and employers. Whether your people need help buying a new bike, electric car or top tech or wish to purchase more annual leave – salary sacrifice schemes can make it affordable.
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We’re in a cost-of-living crisis, and the monthly wage needs to stretch further, but salary sacrifice schemes are still an impactful financial wellbeing benefit. Whilst taking money from the pay packet reduces what an employee may receive each month, it can also reduce the taxes both employee and employer are expected to pay – if the scheme is applicable.
In this blog, we take a look at: what is a salary sacrifice scheme, what can salary sacrifice fund, savings to the employee, and the non-financial perks.