What Is The Future Of Salary Sacrifice Schemes?
Thanks to the range of benefits on offer, car salary sacrifice schemes are incredibly popular with both employees and employers. From finance and marketing to retail and education, every market sector can take advantage of the great perks. So what’s next for the UK’s favourite flexible benefit scheme? Read on for first hand insight into the future of car salary sacrifice schemes and exciting new industry trends and developments on the horizon.
An increase in eco-friendly vehicles
Across the globe, people are beginning to gain an increasing awareness for the importance of making sustainable and eco-friendly choices. This sentiment extends to car salary sacrifice schemes, with more and more providers beginning to introduce hybrid and electric vehicles to their plans. Fleet Evolution is one such company and offers its customers a huge selection of eco-friendly vehicles. From the sleek lines of the Porsche Panamera S E-Hybrid to the grit and determination of the Mitsubishi Outlander PHEV (Plug-in Hybrid Electric Vehicle), there is a low emissions vehicle to suit every employee. In addition to saving workers up to 30% on motoring costs, a salary sacrificed electric vehicle is eligible for a government grant of up to £5,000. Drivers also enjoy low recharging costs and the satisfaction that they are doing their bit to save the environment. With an increasing number of CO2 free and low emissions zones, electric or hybrid cars offer inner city drivers even more savings.
An increasing adoption rate
Car salary sacrifice schemes are rapidly on the rise with an estimated 48% of employers now considering implementing the benefit. With more and more modern employees demanding workplace benefits, car salary sacrifice schemes are becoming increasingly commonplace. And considering the great array of benefits on offer, it’s not hard to see why. At zero cost to the employer, workplaces enjoy the opportunity to reward their employees, boost company loyalty, maximise retention rates and enhance employee well-being. Employees also stand to benefit in the form of slashed on-road costs, improved personal well-being, increased feelings of value and appreciation and significantly reduced commute times.
Risk mitigation policies
Thanks to a new range of policing policies, car salary sacrifice schemes are safer than ever before. A number of companies are introducing maternity leave, extended absence and early contract termination policies in place which give employers the peace of mind that the arrangement remains fair and mutually advantageous.