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
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—Tom Reich, U.S. baseball agent. New York Times, p. 16B (August 11, 1994)
“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)
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—Ishmael Reed (b. 1938)
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—Bible: New Testament, Matthew 6:9-13.