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 mystical nature of American consumption accounts for its joylessness. We spend a great deal of time in stores, but if we don’t seem to take much pleasure in our buying, it’s because we’re engaged in the acts of sacrifice and self-definition. Abashed in the presence of expensive merchandise, we recognize ourselves ... as supplicants admitted to a shrine.”
—Lewis H. Lapham (b. 1935)
“Television is an excellent system when one has nothing to lose, as is the case with a nomadic and rootless country like the United States, but in Europe the affect of television is that of a bulldozer which reduces culture to the lowest possible denominator.”
—Marc Fumaroli (b. 1932)
“... what a family is without a steward, a ship without a pilot, a flock without a shepherd, a body without a head, the same, I think, is a kingdom without the health and safety of a good monarch.”
—Elizabeth I (1533–1603)