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:
“The salary cap ... will be accepted about the time the 13 original states restore the monarchy.”
—Tom Reich, U.S. baseball agent. New York Times, p. 16B (August 11, 1994)
“The English, besides being “good haters,” are dogged and downright, and have no salvos for their self-love. Their vanity does not heal the wounds made in their pride. The French, on the contrary, are soon reconciled to fate, and so enamoured of their own idea, that nothing can put them out of conceit with it. Whatever their attachment to their country, to liberty or glory, they are not so affected by the loss of these as to make any desperate effort or sacrifice to recover them.”
—William Hazlitt (1778–1830)
“Fortunately, the time has long passed when people liked to regard the United States as some kind of melting pot, taking men and women from every part of the world and converting them into standardized, homogenized Americans. We are, I think, much more mature and wise today. Just as we welcome a world of diversity, so we glory in an America of diversity—an America all the richer for the many different and distinctive strands of which it is woven.”
—Hubert H. Humphrey (1911–1978)
“Women, more than all, are the element and kingdom of illusion. Being fascinated, they fascinate.”
—Ralph Waldo Emerson (1803–1882)