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:
“But compared with the task of selecting a piece of French pastry held by an impatient waiter a move in chess is like reaching for a salary check in its demand on the contemplative faculties.”
—Robert Benchley (1889–1945)
“He who strays from the customary becomes a sacrifice to the extraordinary; he who keeps to the customary becomes its slave. He is condemned to perish in either case.”
—Friedrich Nietzsche (1844–1900)
“Places where he might live and die and never hear of the United States, which make such a noise in the world,—never hear of America, so called from the name of a European gentleman.”
—Henry David Thoreau (1817–1862)
“For nation will rise against nation, and kingdom against kingdom, and there will be famines and earthquakes in various places: all this is but the beginning of the birth pangs.”
—Bible: New Testament, Matthew 24:7,8.