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?

  1. Employee chooses a bike and accessories: Employees select a bike and accessories from a list of approved suppliers.
  2. Salary sacrifice: The employee agrees to sacrifice a portion of their salary each month to pay for the bike and accessories.
  3. Employer contributes: Royal Mail contributes a percentage of the bike's value to the employee's salary sacrifice.
  4. Tax benefits: The employee saves on income tax and National Insurance contributions (NICs) on the sacrificed salary.
  5. 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:

  1. Save money: Employees save on income tax and NICs, which can be up to 40% of the bike's value.
  2. Healthier commute: Cycling to work is a great way to improve physical and mental health.
  3. Environmental benefits: Reduces carbon emissions and promotes a more sustainable lifestyle.
  4. Increased productivity: Cycling to work can boost energy levels and improve overall well-being.

Benefits for Royal Mail:

  1. Reduced absenteeism: Encourages employees to adopt a healthier lifestyle, reducing absenteeism and presenteeism.
  2. Increased employee engagement: Promotes a positive work-life balance and employee satisfaction.
  3. 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.