Northern Irish contract hire and leasing firm Agnew Corporate has launched its first salary sacrifice product.
Agnew Corporate has launched the programme which allows businesses to offer their employees the option to give up part of their salary in return for a new fully maintained and insured car. Accident management and breakdown cover are also included in the cost.
As salary is sacrificed before tax and National Insurance Contributions (NICs) are calculated, it means employees save money as does the employer who saves on NICs based on reduced salary.
“The scheme will appeal to staff members who want to have a fixed monthly payment structure and all they need to do is to fuel the car for three years – everything else is covered by the contract. However, they will only get the car through their employer’s willingness to offer the scheme,” says David McEwen, head of business development.
“So far the scheme, which is in its early stages, has been very well received by companies across Northern Ireland. It is open to firms with 100 employees or more. The employer benefits from the cost neutral scheme in terms of retention, recruitment and motivation of staff, as well as helping to reduce staff turnover and increasing engagement,” added Graham Thompson, managing director.
Agnew Corporate, which is owned by dealer group Sytner, is number 37 in the FN50.