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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Having worked with the team previously and at Ernest Grant for over 6 years I would happily recommend their services to other companies looking for a more hands on approach from their Employee Benefits Advisers. Over the years the team have continued to deliver an exceptional level of service and their one to one advice approach is a breath of fresh air and available to all our employees no matter what their level of employment. All in all we have been extremely satisfied with them and look forward to continuing our business relationship in the years to come.
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.
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.