People come in all shapes and sizes, and luckily, so do staff benefits. There’s no point offering benefits that significant members of your team aren’t interested in.
So, if you have people who work for you who are natural savers, what are the kinds of benefits that they will value most? Let’s look at the best benefits for saving money.
Childcare vouchers
Hands down the benefit that lets people save the most money is the Workplace Nursery Benefit Scheme. If a staff member pays more than £1,000 in nursery fees monthly, they could save over £4,000 a year if they are a higher rate taxpayer. And basic rate taxpayers can save over £2,250 a year.
Any child up to the age of 5 can be covered, and employees can use the scheme at their choice of nursery. Calculate the savings here using our benefits calculator – Click here.
It means staff could end up saving between 28% and 47% of the full amount of nursery fees, which makes a significant difference to any family’s budget.
Find out more about the Workplace Nursery Benefit
Save on mobile phones
Mobile phones aren’t an optional extra and most people upgrade theirs every few years. But they don’t come cheap. New smartphones cost hundreds of pounds on average, and families with older children will normally have multiple handsets. So it all adds up.
The mobile phone salary sacrifice benefit lets employees get the latest and smartest mobile phones, sim-free, with payments spread interest-free across 12 months. Employees can save up to 12% off the cost of their phone.
Monthly charges are deducted from the employee’s salary and are free of National Insurance contributions. There is no credit check and no initial outlay of money. Phones are provided without contract so they can be used on any suitable network.
Find out more about the Mobile Phone benefit
Holiday purchase
A clever way to help savers in your organisation build up their nest egg is by giving them the chance to buy back some of their holidays.
How does it work? If an employee’s current holiday entitlement is 25 days per year and they choose to sell 3 days of additional holiday, there will be an increase in their salary to the value of the number of three days. And their new holiday entitlement will be 22 days.
However, time off is important for people’s physical and mental health. So it’s worth noting that the holiday exchange cannot be used to let employees reduce their holiday allowance below the statutory minimum.
Find out more about the Holiday Exchange scheme
More great ways to save
There are other benefits that help people save money throughout the year, including the Cycle to Work scheme, the Car Lease scheme, and the Discount Club, which offers up to 40% off on shopping, days out and holidays.
Workplace benefits allow you as an employer to help your employees in meaningful ways in their lives in and out of work. And so many of them can save money. Take a look at our full range of benefits, and try the employee benefits calculator to see how much different benefits can save across the year.
About Us
At Enjoy Benefits, we have great experience in helping companies of all sizes introduce benefits that are suitable for their workplace.
Benefits are easy to set up and ongoing administration is then run through a hub, allowing employees to manage their benefits. The employer can see which benefits are proving popular and what level of take-up each has had.
Ready to start working with us?