Fleet News

Salary sacrifice cars can boost financial wellbeing of employees, says Fleet Evolution

Andrew Leech, managing director of Fleet Evolution

Firms can help boost the financial wellbeing of their employees by providing them with access to salary sacrifice cars, says Fleet Evolution.

The salary sacrifice scheme provider says that many employees are reported to find their personal finances are very stretched and that financial stress is impacting on their capabilities at work.

On the eve of Financial Wellbeing Week 2018, which begins on Monday, February 19, research by financial education provider, Nudge, found borrowing and managing debt will be the main financial wellness driver for employees for 2018.

Andrew Leech, managing director of Fleet Evolution, believes that a salary sacrifice car scheme not only helps boost employee financial wellbeing, but also helps remove the stress associated with sourcing and running a car.

Salary sacrifice schemes work by employees exchanging some of their salary pre-tax for a non-cash benefit-in-kind.

Car salary sacrifice schemes typically see the provider dealing with admin, while the monthly cost also includes servicing and repair costs, road fund licence, and insurance.

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