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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In a very competitive market place, our aim is to offer an exciting and innovative benefits package to help attract and retain the best employees. The introduction of the Ernest Grant online benefits platform has been a huge success for us in many ways. The benefits platform has had a large and positive impact on employee engagement with an overall increase in membership of our schemes. The ongoing management of the platform and employee support continues with same high standards and enthusiasm we have come to expect from our account manager and the team.
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.
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.
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.