Fleet Evolution highlights money saving benefits of salary sacrifice schemes for employees
As the country basks in a post-recession bubble, it seems the population are taking a more laid-back approach to debt. The first quarter of the year saw borrowing rates rise, with February recording a 9.3 percent increase – which is the fasted pace since 2005. With car loans making up the bulk of the debt, Fleet Evolution, one of the UK’s premium providers of salary sacrifice vehicles, is highlighting money-saving benefits of salary sacrifice vehicles.
Saving on average 30% on motoring costs, Fleet Evolution’s customers offer new vehicles to their employees for a monthly fee. Providing them with a fully serviced and maintained vehicle which is paid before tax, employees can enjoy the benefits and status of a company car at a lower than expected cost. Savings on income tax and National Insurance contributions outweigh the costs associated with the service, with comprehensive insurance provided by the employer.
Andrew Leech, Director of Fleet Evolution, says, “The news surrounding growing population debt is extremely worrying. Although the country is technically out of a recession, the economy is still extremely fragile and prone to change. Aside from homes, cars are the single biggest expenses for both individuals and families, and replacing them does cost thousands. Most people think that taking out a loan is the only way to get a new car there and then, however salary sacrifice schemes provide a real alternative.”
Salary sacrifice schemes have increased in popularity over the last couple of years. Providing numerous benefits to employers and employees alike, they allow employees to have a new car for a fraction of the cost of purchasing one traditionally. Also helping to cut down on running costs, the innovative schemes provide lower emission, or even eco-friendly, vehicles with nominal risk to either the employer or employee.
To find out more about Fleet Evolution, visit the website at: www.fleetevolution.com
Follow Fleet Evolution on social media:
Dakota Digital for Fleet Evolution
Contact: Hannah Byrne
Tel UK: 01623 428996
Tel US: 917-720-3025
Fleet Evolution are one of the country’s fastest-growing salary sacrifice car providers, with tax-efficient, low-admin schemes with minimal risk. Fleet Evolution works with businesses with 10 – 15,000 employees, delivering manageable schemes that reward employees and attract talent.