Why run a bike scheme for your staff?
The bike to work scheme has been popular with employees for many years due to the big savings people can make by ditching the car and cycling to work instead.
Add to that the tax and NI savings and it really starts to add up. Employers can make significant savings on employer NI too. There’s no set up cost either so it’s a win, win scheme for you and your employees.
A fitter, healthier more engaged workforce
In addition to the financial benefits for you and your staff, your employees will feel fitter and more energised.
The bike scheme helps to support employee engagement especially when combined with a range of other benefits. The scheme can sit alongside other employee benefits you may have in place already and we can even host all your benefits together on our Salary Extras benefits platform so your employees have everything together in one place.
Employee benefits
- Employees can reduce travel costs and get fit at the same time
- Standard rate tax payers can typically save 28% and higher rate tax payers can save 42%
- The cost of the bike is spread over 12 or 18 months
- There are no credit checks to worry about
- Our bike scheme calculator tool allows employees to check the total cost before they order and see their tax and NI savings
- Employees can use the bike scheme on bikes and accessories at over 1,500 bike shops across the UK
Employer benefits
- A healthier and fitter workforce
- Improved staff retention
- Employers can expect to save full employers’ NI, typically 13.8% on the total salary sacrifice value
- Employers can set a maximum spending limit for employees and different limits can be set for different groups of people
- Electric bikes are also available making the scheme more accessible for employees who have a long commute or who need a bit of help
- The scheme demonstrates a company’s commitment to the environment and it can help to relieve parking issues.
Discover more about the Bike to Work scheme in our guide: How does the Cycle to Work scheme work for employers?
Some results from the Bike to Work Scheme
of employers who offer the Bike to Work scheme say it improved staff health*
max savings on the cost of a brand new bike and accessories
per employee
is saved on average by employers, with an average bike order of £1,500. Based on 13.8% Class 1A NI savings
Salary sacrifice scheme benefits
Salary sacrifice schemes are a great way for both employers and employees to save money on National Insurance and for employees to make tax savings too. The different schemes have other benefits too for both employers and employees.
Here’s a bit more information on our salary sacrifice schemes.
MotorSave
MotorSave is a unique employee benefit scheme designed to help employees save up to 10% on car maintenance.
Holiday trading
Holiday trading schemes can really help companies demonstrate a commitment towards flexible working and improve employee satisfaction.
Childcare vouchers
Childcare vouchers are still a great way to save money on childcare costs and are a better option than the new tax free childcare scheme for many parents.
Car benefit scheme
Even with the recent government changes, the salary sacrifice car scheme is still increasingly popular and a great way for employers to save money.
