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:
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—Robert Benchley (1889–1945)
“We will win this war because we are willing to sacrifice 10,000,000 lives. How many lives is the White Man willing to sacrifice?”
—Jerome Cady, U.S. screenwriter, and Lewis Milestone. General Mitsubi (Richard Loo)
“Greece is a sort of American vassal; the Netherlands is the country of American bases that grow like tulip bulbs; Cuba is the main sugar plantation of the American monopolies; Turkey is prepared to kow-tow before any United States pro-consul and Canada is the boring second fiddle in the American symphony.”
—Andrei Andreyevich Gromyko (1909–1989)
“In the kingdom of consumption the citizen is king. A democratic monarchy: equality before consumption, fraternity in consumption, and freedom through consumption. The dictatorship of consumer goods has finally destroyed the barriers of blood, lineage and race.”
—Raoul Vaneigem (b. 1934)