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Inchcape Fleet Solutions launches salary sacrifice
Date: 19 November 2010
Inchcape Fleet Solutions is the latest leasing company to announce a salary sacrifice scheme following firms such as Leaseplan, Leasedrive Velo and Tusker.
According to Inchcape, customer demand and the drive towards more environmentally-friendly motoring had prompted the move.
Inchcape said its Justdrive initiative contains insurances to protect employers against early, unforeseen termination charges should staff leave the company.
Inchcape Fleet Solutions boss Terry Bartlett said: "JustDrive ensures employers are in full control of the salary sacrifice scheme. A range of insurances covering resignation and redundancy, maternity, paternity and adoption as well as GAP insurance protects organisations against the risk of staff leaving during the contract term."
JustDrive allows employers to decide whether to share National Insurance contributions savings with staff and whether to include an administration fee to create a contingency fund to safeguard against unexpected changes.
The Government's strategy to encourage greener motoring with low tax rates is fuelling the growth in salary sacrifice schemes.
Bartlett said: "Salary sacrifice works best when substituting salary for a taxable benefit at a much lower rate."
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