Comet claims to be the first major UK retailer to offer its staff the chance to qualify for tax and national insurance (NI) savings on an annual bus pass.
The Greentravel2work initiative, developed by P&MM to support the government’s Green Travel Plan, will be available to 11,500 Comet employees nationwide and offer them the opportunity to make savings on their travel costs and reduce their carbon footprint.
Employees are given the option to choose an annual bus pass and pay for it monthly through their employer by salary sacrifice. The amount sacrificed by employees is exempt from income tax and NI contributions up to 41%. The retailer also saves up to 12.8% on the amount sacrificed because it does not have to pay NI.
Natalie Town, benefits manager at Comet, said: “We wanted to introduce an employee benefit that not only offered important savings to our staff, but could also work and be redeemed on a national level.
“P&MM has negotiated the acceptance of the scheme by bus companies up and down the country and, in the face of rising fuel costs, we hope as many staff as possible will take advantage of this benefit.”
Staff can register for the scheme via the internet, text or telephone. P&MM has secured agreements with three of the largest bus operators in the UK, First Bus, Stagecoach and Arriva, enabling Comet employees to have access to the programme in 243 locations across England, Scotland and Wales.
Details of the scheme were submitted to HM Revenue & Customs prior to its start.