Wellbeing | The Cycle to Work Scheme can help your colleagues during the cost-of-living crisis

Significant savings are available to employees who choose to cycle on their short journeys, including the commute to work. The Cycle to Work Scheme is the must-have employee benefit during this cost-of-living crisis.

It shouldn’t come as a surprise that some of your colleagues will be struggling with their finances during these turbulent economic times. Many will be worrying about the cost of their commute to work as private car ownership starts to become an unaffordable luxury. Although prices at the pumps may have come down slightly, they still remain at historical highs. Exacerbating this is the rising cost of insurance and maintenance. Those travelling on public transport will have seen the cost of their tickets increase at an unprecedented rate.

This is where the Cycle to Work Scheme can bring some relief to household budgets. The cost of a new bike pales in comparison with the cost of car ownership. When you consider the savings available via the Cycle to Work Scheme, it’s win-win situation for many. Now is the time to add the Cycle to Work Scheme to your staff rewards package.

Significant savings

The scheme is a self-funding employee benefit which operates via a salary sacrifice mechanism with payments back to the employer coming directly out of the employee’s gross salary. Basic rate tax payers can save 32% with higher rate tax payers saving 42%.