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)
“Peace can endure only so long as humanity really insists upon it, and is willing to work for it and sacrifice for it. Twenty- five years ago American fighting men looked to the statesmen of the world to finish the work of peace for which they fought and suffered; we failed them, we failed them then, we cannot fail them again and expect the world to survive again.”
—Franklin D. Roosevelt (1882–1945)
“In the United States the whites speak well of the Blacks but think bad about them, whereas the Blacks talk bad and think bad about the whites. Whites fear Blacks, because they have a bad conscience, and Blacks hate whites because they need not have a bad conscience.”
—Friedrich Dürrenmatt (1921–1990)
“The kingdom of heaven is like treasure hidden in a field, which someone found and hid; then in his joy he goes and sells all that he has and buys that field.”
—Bible: New Testament, Matthew 13:44.