Employee Benefit Schemes UK – Help Your Employees Get More From Their Income

When you want to hold onto experienced and motivated staff, paying them a great salary isn't the only method of doing so. Even though the pound inside their pocket is vital, employee benefit schemes UK based enables them to save more money on a variety of things. A well thought-out benefit package may also reduce anxiety and ensure a happy workforce.

Long ago, successful companies realised that to bring and retain the very best staff you must give them more than what the competition offers. One approach is, of course, to offer a higher wage, but there are other desirable benefits too, such as an improved work / life balance and other employee benefits that boost their total income. How firms approach this is determined by the type and size of the company. For sales-based companies, one of the most obvious approaches is to offer commission. Other options include offering vacation and sick pay, after school club or onsite childcare, and money-off coupons for a nearby fitness centre or health club. Other schemes that boost workers’ income include salary sacrifice schemes. While this might seem a peculiar benefit taken at face value, it will boost the income of your employees. The basic principle of these schemes is that cash is taken from your worker’s wage and put towards benefits, including childcare, pensions, insurance cover, or health schemes. The amount is taken off before Tax and National Insurance are applied, meaning the level of gross earnings are smaller, and less Tax and NI is required.

If you are interested in benefit schemes, Team Rewards Ltd can help. With our expertise, we can tailor the right employee benefit schemes UK to your company and staff. Head to http://teamrewards.co.uk/, or contact us at info@teamrewards.co.uk to discuss the needs of your staff today.

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