What is Cycle2Work? Cycle2Work is part of a government initiative that encourages more people to commute to and from work by bike, enabling people to make healthier choices and reducing the UK’s carbon footprint.
The initiative is a salary sacrifice scheme, which allows employees to make Tax and National Insurance savings of between 32% and 47% on the cost of a new bike and accessories.
The employer also makes savings of 13.8% through National Insurance contributions! Here is an example of the savings an business can make:
|Total number of employees||4000|
|Estimated uptake (3.2% average)||120|
|Average order value||£600|
|Total scheme value||£72,000|
|Employer NIC savings||£9,936|
What are the benefits of Cycle2Work?
|BENEFITS TO YOUR BUSINESS||BENEFITS TO YOUR EMPLOYEES|
|Improved attendance and productivity||Bettering the mental health of the workforce, reducing stress and improving mood and sleep quality|
|Promoting an environmentally friendly workplace||Keeping your employees’ fit, raising immune systems and preventing illnesses like heart disease and cancer|
|Engaging and retaining current employees while attracting new ones||Decreasing unnecessary spending on fuel, parking, public transport and gym memberships|
|Adding to company strategy for employee benefits||Relieving parking and congestion issues for staff & the wider community|
|Zero cost, low admin and 13.8% national insurance savings||Saving hours waiting for public transport and maximising time by enabling employees to work out on their commute|
|Register here||How it works|
I'm an employee
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I'm an employer
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