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)
“No sacrifice was too great to get the film right, to get it accurate, true, and perfect. We weren’t important in our minds; only the picture was.”
—Lillian Gish (1896–1993)
“What the United States does best is to understand itself. What it does worst is understand others.”
—Carlos Fuentes (b. 1928)
“The angel said to her, “Do not be afraid, Mary, for you have found favor with God. And now, you will conceive in your womb and bear a son, and you will name him Jesus. He will be great, and will be called the Son of the Most High, and the Lord God will give to him the throne of his ancestor David. He will reign over the house of Jacob forever, and of his kingdom there will be no end.””
—Bible: New Testament, Luke 1:30-33.