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 commonplace 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 employers.
‘The Financial Conduct Authority does not regulate Employee Benefit Services.’
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In many cases, your existing benefits will have voluntary options, which are either locked-down or unused. Utilising these options can transform a benefits package.
Employers have a duty of care to look after their employees' health and wellbeing. This can be enhanced with staff rewards and benefits.
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