Cycle to Work is one of the most popular benefits that employers offer. Offered as salary sacrifice both employers and employees get to make NI savings on the monthly deductions, which have also increased this year.
However, there are plenty more reasons to offer a cycle to work scheme than just the NI savings. We’ve carried out our research and come up with our top 4!
Savings from less sickness…
Cycling on a regular basis will clearly benefit an employee’s personal fitness, but the health benefits reach into the workplace as well. Savings from reduced sickness absence – just from 30 minutes of cycling per day1 – can be up to £216 per year per employee.2
Much cheaper by bike!
It’s estimated that it can cost, on average, £3,727 to commute by car each year. That’s a significant difference to the estimated cost of £396 per year just by getting your bike out!3
Productivity up… engagement up
With employees feeling healthier from getting back in the saddle, some 66% say their productivity goes up and 52% of employers say it affects engagement positively.4
Help with the environment…
Introducing a cycle to work scheme could play its part in helping reduce CO2 emissions from passenger transport by up to 11% by 2050.5
Need a net pay Cycle to Work benefit?
There are some employees who can’t take advantage of a traditional cycle to work scheme with salary sacrifice and NI savings. However, they would benefit, as would you, from our other top reasons if there was an alternative. The employees affected are those that either fall below the minimum wage if they gave up some of their salary to get back in the saddle, or they work from home. If you don’t want them to miss out and accrue the same benefits as above, You at Work now offers a similar Cycle to Work scheme but paid for out of an employee’s net pay.
To find out more about how a Cycle to Work scheme could make a difference to you and your employees click here.
- Institute for Employment Studies 2016
- Clarke et al 2014
- https://www.cyclinguk.org/campaigning/views-and-briefings /climate-change