NYSE Euronext opts for Tusker salary sacrifice car scheme
08 June 2011
Global financial exchange operator NYSE Euronext has selected Tusker's online salary sacrifice car scheme, SS4C, to underpin its new Carbon Efficient Car Scheme for its 650-strong workforce in the UK.
Under the scheme UK staff can give up a portion of their gross wage in exchange for a new car with CO2 emissions of no more than 120g/km.
The salary is sacrificed before tax and national insurance contributions are taken in order to provide tax savings on the benefit.
NYSE Euronext opted for Tusker's scheme following recommendations from Truestone Employee Benefits, its employee benefits consultant.
Truestone director Ed Smithson said: "We opted for Tusker because of its proven track record and the fact that it already had large clients in the salary sacrifice car market."
NYSE Euronext insists its new salary sacrifice scheme is not a substitute for a company car policy. It phased out its company car scheme and merged cash allowances into overall salaries four years ago.
David Peach, Human Resources director at NYSE Euronext, said: "We wanted to extend our voluntary benefits offering to our staff with an initiative that promoted environmentally-friendly new cars but was also tax efficient."
The SS4C scheme went live in April and the uptake so far is around 2%.
Tusker currently has about 50 salary sacrifice car schemes in operation on the SS4C platform.
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