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)
“The distractions, the exhaustions, the savage noises, the demands of town life, are, for me, mortal enemies to thought, to sleep, and to study; its extremes of squalor and of splendor do not stimulate, but sadden me; certain phases of its society I profoundly value, but would sacrifice them to the heaven of country quiet, if I had to choose between.”
—Elizabeth Stuart Phelps (1844–1911)
“In the United States adherence to the values of the masculine mystique makes intimate, self-revealing, deep friendships between men unusual.”
—Myriam Miedzian, U.S. author. Boys Will Be Boys, introduction (1991)
“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.