Royal mail cycle to work
Royal Mail's Cycle to Work scheme is a great way for employees to save money on their daily commute while also promoting a healthier and more sustainable lifestyle. Here are the details:
What is the Royal Mail Cycle to Work scheme?
The Royal Mail Cycle to Work scheme is a salary sacrifice scheme that allows employees to purchase a bike and accessories through a tax-efficient arrangement. The scheme is designed to encourage employees to cycle to work, reducing their carbon footprint and improving their overall well-being.
How does it work?
- Employee chooses a bike and accessories: Employees select a bike and accessories from a list of approved suppliers.
- Salary sacrifice: The employee agrees to sacrifice a portion of their salary each month to pay for the bike and accessories.
- Employer contributes: Royal Mail contributes a percentage of the bike's value to the employee's salary sacrifice.
- Tax benefits: The employee saves on income tax and National Insurance contributions (NICs) on the sacrificed salary.
- Employee owns the bike: After a set period (usually 12-36 months), the employee owns the bike and can keep it or sell it.
Benefits for employees:
- Save money: Employees save on income tax and NICs, which can be up to 40% of the bike's value.
- Healthier commute: Cycling to work is a great way to improve physical and mental health.
- Environmental benefits: Reduces carbon emissions and promotes a more sustainable lifestyle.
- Increased productivity: Cycling to work can boost energy levels and improve overall well-being.
Benefits for Royal Mail:
- Reduced absenteeism: Encourages employees to adopt a healthier lifestyle, reducing absenteeism and presenteeism.
- Increased employee engagement: Promotes a positive work-life balance and employee satisfaction.
- Environmental benefits: Contributes to Royal Mail's sustainability goals and reduces its carbon footprint.
Eligibility:
The Royal Mail Cycle to Work scheme is available to all permanent employees who are based in the UK and are aged 18 or over.
How to apply:
To apply for the Royal Mail Cycle to Work scheme, employees should contact their HR department or visit the Royal Mail intranet for more information.