Wolfson Microelectronics is launching a sharesave (save-as-you-earn) scheme and introducing a salary sacrifice arrangement for contributions to its group personal pension (GPP) for its 350 UK employees.
Through sharesave, staff will be able to invest £5 to £250 a month for three years. They will then be able to take their savings or use them to buy discounted shares in the digital electronics firm. Staff will also be offered a 20% discount on the share price at launch.
Issy Urquhart, vice-president of human resources, said: “We will not do any scaling down, so if everybody is going to save £250, we will accommodate that in the discount.”
The firm is also introducing a salary sacrifice arrangement around pension contributions for its GPP. Urquhart said the employers’ national insurance (NI) savings would be paid back into employees’ pension pots.
Wolfson communicated the changes through face-to-face briefings, in conjunction with Ernst and Young and Yorkshire Building Society. It also used roadshows, emails and posters.