Lloyds Banking Group increases bikes for work take up

Lloyds Banking Group has increased take up of its bikes-for-work scheme.

The bank, which owns Lloyds TSB and HBOS, set up its scheme through Halfords in 2006.

In the first year 146 staff signed up and that has risen to 906 this year, an increase of almost 10% on 2010.

The scheme enables employees to acquire new bikes at savings of up to half price through tax incentives. They fund the bikes from their untaxed income, before tax and national insurance (NI) are deducted. Employers also save on NI contributions.

Halfords offers free bike assembly, a free six-week first service, free bike route maps, half-price cycle training, and store promotions.

Clare Tidswell, reward analyst for Lloyds Banking Group, said: “This benefit is well received by employees and we are seeing an increase in take up year on year.

“It is a scheme we would encourage any employer to offer, as well as being good for the health and wellbeing of staff, it is something that almost everyone can enjoy.”

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