Do you have employees not eligible for your traditional Cycle to Work scheme? Typically, it’s employees who would fall below national minimum wage, or those who work remotely, who wouldn’t be able to take advantage of Tax and NI savings.
So, how can you help employees who fall into either of these categories…?
Consider implementing a net pay interest free cycle loan scheme.
We’re delighted to announce that we have collaborated with Halfords to develop a new net pay scheme called Cycloan.
It’s a loan for a bike that employees pay for through their net pay over 12 months, interest free. It is a great alternative for those who still want a greener, healthier lifestyle and want to make some savings too.
Employees get access to a fantastic range of affordable bikes through Halfords, Tredz.co.uk and independent local retailers and they can also benefit from:
. Ability to pay for the bike via 12 monthly deductions from their net pay interest free.
. A 10% discount voucher for cycling essentials for 12 months
. Free lifetime safety checks on all bikes
. Lifetime guarantee on Halfords brand bikes
. 14 days free insurance
It’s easy for employees to access the benefit…
They just visit Halfords or Tredz to find the bike and accessories they’d like to order or find local bike retailers that are part of this scheme.
Once they log onto your benefits portal and select Cycle Loan Scheme, they just need to enter the value needed for their cycle and/or safety accessories and agree to the scheme’s terms and conditions.
You then get to eligibility check their request.
Once approved, they’re issued with a Letter of Collection which can then be redeemed against their chosen cycle and/or safety accessories.
The employee will own the bike from the beginning, it isn’t hired, which is different to a standard Cycle to Work scheme.
As simple as that!