Company Paid & Voluntary Benefits
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What are company paid or company funded benefits?

  • These are added value benefits that give the employees extra help or services
  • They are different to salary sacrifice benefits in that the company itself funds the benefit
  • Examples of this could be Healthcare CashPlans, or The Gourmet Card

Why would a business want to fund their employees lives?

  • Most of these company funded options are a little like insurance, such as the HealthCare CashPlans
  • Others like The Gourmet Society Card are a way of rewarding employees, increasing loyalty and motivation for instance

How would a business fund these benefits?

  • Most businesses would have a range of benefits in place, mainly through salary sacrifice and associated mechanisms
  • The savings made in Class 1 NI and corporation tax quite often means that company funded benefits are financed by those savings, these savings are only available until April 2017

What are voluntary benefits?

  • These are benefits that the company probably wouldn't fund, but are useful added value services for employees and employers alike
  • For instance insurance products. An employee is on the cycle to work scheme. It is recommended that the employee takes out cycle insurance to cover any loss or damage of the cycle. The employer would not fund this

Company paid benefits are funded by savings from other benefits so are great value

Tax and Class 1 NI savings are a great way to fund these added value benefits
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