This article is supplied by Zenith Provecta
Over the past 18 months, interest in salary sacrifice for cars has increased dramatically among HR and reward professionals, benefits providers, finance directors and employees, writes Ben Creswick, head of business development, Zenith Provecta.
This has been driven mainly by the volume of businesses implementing or looking to obtain an environmentally-sensitive, flexible and cost-effective solution for car or fleet provision.
Whether it is a new solution for revising the structure of a traditional company car scheme, an optional arrangement for cash allowance drivers, or an all-employee car benefit scheme, salary sacrifice for cars has come of age.
Zenith Provecta was confident that this Employee Benefits’ How to manage guide would deliver significant value to businesses looking to introduce a vehicle-based benefit to their employees.
We are proud to sponsor this informative and detailed guide, which we believe provides a solid foundation of knowledge from which businesses can make an informed decision as to whether such a scheme is the right fit for their organisation and employees.
On the face of it, salary sacrifice for cars appears to be the Holy Grail of employee benefits, one that adds huge value for employees by offering them significant personal savings, at little or no cost to the employer. Our experience has shown that, for many organisations, this is certainly the case. However, these schemes will not necessarily offer the same benefits to all employees, or be beneficial to all employers, and this is where the How to guide comes in.
It is only by fully understanding the intricacies of salary sacrifice for car schemes and by working with an experienced provider that an employer can make an informed decision on whether such a scheme will work for them. Any new car policy or benefit scheme will have associated risks, and salary sacrifice is no exception, so this guide will also explain what the risks are and how to minimise or eliminate them.
The implementation process and the communication to eligible employees are critical to the success of schemes and, within this booklet, experts have given their advice on how to manage these processes. Essentially, the aim of the guide is to illustrate the many benefits of salary sacrifice for cars, while providing properly structured and balanced views from industry professionals.
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