SALARY SACRIFICE BENEFITS
ING Direct introduces tax-free bicycles initiative
Savings firm ING Direct has brought in salary sacrifice experts P& MM to provide bicycles free of tax, national insurance and VAT to its 500 Thames Valley-based employees.
ING Direct subscribed to the tax-free bicycles initiative to complete its offering of salary sacrifice benefits, which also include tax-free home computers and childcare vouchers.
The financial services company is also rolling out P& MM's Lifestyle employee benefits programme. Performance improvement company P& MM has tailored its Lifestyle employee benefits programme to include the salary sacrifice bicycles initiative for ING Direct. The package comprises a branded brochure offering employees a host of retail and leisure discounts.
ING Direct HR manager, Jennie Monon, said: "The P& MM Lifestyle package was the ideal solution for us. In addition to being able to include the salary sacrifice bicycles benefit, the Lifestyle brochure is ING Direct branded, making it a personal reward for our employees. The uptake so far of both the bicycles and the retail and leisure discounts has been overwhelming."
The tax-free bicycles initiative fits in with ING Direct's Borrow a Bike for Lunch scheme which provides employees with free access to communal bicycles during their lunch breaks. "Our Borrow a bike for lunch scheme is so popular that salary sacrifice bike provision is a natural progression for ING Direct," explained Monon.
Lifestyle
The Lifestyle package provides employees with discounts on a wide range of offers, from retail vouchers to holidays and leisure pursuits. Any of the top three government endorsed salary sacrifice benefits -- home computers, childcare vouchers and bicycles -- can also be added to the programme.
Bicycles are a component of SalaryPlus, P& MM's brand new salary sacrifice product, which it describes as a "one stop shop" for the UK's top three salary sacrifice products.
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ING Direct is active in eight countries and has over 12 million customers. It launched operations in the UK in May 2003 and now has over 750,000 account holders. ING Direct is part of ING (International Netherlands Group), which is one of the world's largest financial services organisations, operating in 60 countries with over 115,000 employees.
For more information on P& MM's Lifestyle employee benefits package and salary sacrifice Products, contact Richard Davies on 01908 608 000 or visit www.p-mm.co.uk
Posted 6 September 2005