Salary Sacrifice in The United Kingdom
In the United Kingdom, employee benefits commonly included in salary sacrifice arrangements are pension contributions, childcare vouchers, annual leave, etc. If correctly structured, the arrangement can benefit both parties as it saves them both NI contributions as well as save the employee income tax.
Salary sacrifice can be extended to any range of benefits and in 2008 is becoming increasingly popular in the public sector as well as for transport related benefits e.g. Cycles, Bus Travel and Low CO2 emission cars. Salary sacrifice is also commonly used to fund the introduction of Flexible Benefit Plans in the UK.
Read more about this topic: Salary Packaging
Famous quotes containing the words salary, sacrifice, united and/or kingdom:
“Social and scientific progress are assured, sir, once our great system of postpossession payments is in operation, not the installment plan, no sir, but a system of small postpossession payments that clinch the investment. No possible rational human wish unfulfilled. A man with a salary of fifty dollars a week can start payments on a Rolls-Royce, the Waldorf-Astoria, or a troupe of trained seals if he so desires.”
—John Dos Passos (1896–1970)
“We will win this war because we are willing to sacrifice 10,000,000 lives. How many lives is the White Man willing to sacrifice?”
—Jerome Cady, U.S. screenwriter, and Lewis Milestone. General Mitsubi (Richard Loo)
“A sincere and steadfast co-operation in promoting such a reconstruction of our political system as would provide for the permanent liberty and happiness of the United States.”
—James Madison (1751–1836)
“After this manner therefore pray ye: Our Father which art in heaven, Hallowed be thy name. Thy kingdom come. Thy will be done in earth, as it is in heaven. Give us this day our daily bread. And forgive us our debts, as we forgive our debtors. And lead us not into temptation, but deliver us from evil: For thine is the kingdom, and the power, and the glory, for ever. Amen.”
—Bible: New Testament Jesus, in Matthew, 6:9-13.
the Lord’s Prayer. In Luke 11:4, the words are “forgive us our sins; for we also forgive everyone that is indebted to us.” The Book of Common Prayer gives the most common usage, “forgive us our trespasses, as we forgive them that trespass against us.”