Looking to boost your employee wellbeing? Setting up a Cycle to Work scheme can do just that while also boosting your CSR credentials.
With Edenred’s Cycle to Work scheme, you’ll be able to encourage a healthier, and more environmentally friendly commute to work for your employees, by offering them tax and NIC savings* on the cost of a new bike and/or accessories.
Boost employee wellbeing and the environment with a Cycle to Work scheme
Going greener is of vital importance to companies these days, not just for the planet, but to attract a more socially conscious workforce.
One of the best ways to do this is by encouraging employees to commute to work more sustainably, and our Cycle to Work scheme is the ideal way to do that.
Offered in partnership with Halfords or Cycle Solutions, the cycle to work scheme is implemented via a salary sacrifice agreement. This means your employees can save up to 42% on the cost of a new bike by saving on Tax & NIC*, and at the same time, your organisation can also save on employer NIC. The bike and safety accessories are then leased to them over a fixed term.
How Edenred’s Cycle to Work scheme can benefit everyone
As cycling is a form of exercise, there’s no doubt that the benefits to those cycling can be enormous. And when it comes to the environment at large, the fewer cars on the road, the better.
However, the Edenred Cycle to Work scheme can provide many more benefits, which include:
The Cycle to Work scheme and your business
- The scheme is completely free to set up and operate
- It can help to boost the financial and physical wellbeing of employees
- You’ll experience significant employer NI Savings
- You’ll enhance CSR credentials
The Cycle to Work scheme and your administrators
- Your scheme can be set up in as little as 48 hours with minimal administration
- With Halfords, scheme protection protects employers from any financial risk, meaning if an employee were to resign from their contract of employment and insufficient funds were unavailable following the standard early leaver process, Halfords would make up the difference
The Cycle to Work scheme and your employees
- They’ll save up to 42%* on the cost of a bike and/or safety accessories
- They can choose from a wide selection of bikes from as little as £100 to over £1,000 thanks to new Government legislation**
- They have access to bikes and accessories from over 1,100 local independents, 465 Halfords, and Tredz.co.uk stores
How does the Edenred Cycle to Work scheme work?
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Choose
Start by choosing your scheme provider
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Set up
The provider will then help you to set up your scheme
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Apply
Employees can then apply for the scheme online and enter into a salary sacrifice agreement
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Cycle
Once approved, a letter of collection (LOC) is sent to the employee which enables them to pick up their new bike
Why the Edenred Cycle to Work scheme is perfect for your organisation
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*42% saving can be made when any Letter of Collection is selected, the employer funds the scheme and an employee hire a bike and safety accessories through the scheme. Assumes 40% Tax Rate and 2% NIC Rate. Subject to circumstances of the employer and employee.
**Subject to FCA authorisation