Saving money where possible can optimise your benefits spend
Salary Sacrifice/Exchange works by exchanging part of an employee’s remuneration from cash, on which PAYE tax and NICs are due, to non-cash benefits that are wholly or partially exempt from tax and NICs.
It is becoming increasingly common for employees to make pension contributions by way of salary sacrifice, with some employers deciding to use some or all of the savings made to increase employer contribution levels, as an added incentive.
The benefits of salary sacrifice can apply to;
It is also becoming common place for employees to make their pension contributions by way of a Salary Exchange, as this can increase the amount paid in, whilst reducing the cost to an employer or a mixture of the two.
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The process was conducted in a professional but friendly manner and my adviser was excellent at explaining everything. The environment at Ernest Grant was comfortable and engaging with private meeting rooms to conduct the meeting and mortgage process. The costs are reasonable and my adviser kept looking into everything until he found the appropriate product for us. My adviser has constantly kept us in the picture and has a client he helped my confidence. I look forward to continuing to receive advice from my adviser and Ernest Grant.
Looking after your employee’s health and wellbeing enables employers to reward and motivate their staff, and can also help an employer to meet their duty of care.
Many employers don’t know it but the benefits they already provide have voluntary options, which are either locked-down or unused. Utilising these options can transform a benefits package.
Often referred to as ‘core’ benefits, if you the employer pay for it then it’s our aim to ensure you get a return on your investment through increased staff awareness and appreciation.