The soaring cost of living means that it’s a worrying time for many workers across the UK. Energy prices have risen to unprecedented levels and are set to increase again. Supermarket till receipts show the cost of food is rising and tough decisions are being taken by families as they choose between heating and eating.
Transportation costs are increasing, with car ownership becoming more costly as insurance premiums rise and fuel costs soar. Public transport is also facing a surge in ticket prices with the highest train fare rises for nine years in England and Wales. In London, bus and Tube fares have been hiked by 4.8 per cent. Without doubt, employers must step in to help their workforce to budget and save money.
The Cycle to Work scheme is a great way to reduce, or in some cases eliminate, car running and public transportation costs. Under the scheme, employers can encourage employees to ditch the car and switch to cycling. Getting to work under their own steam will help employees make significant savings at the same time as improving their health, and that of the environment.
The scheme gives access to significant savings of at least 33.25 per cent on any type of cycle. Salary sacrifice payments come from the employee’s gross salary, reducing their tax and NI obligation. The interest-free payments are spread over 12 to 48 months making it a very manageable monthly expenditure for employees.
Green Commute Initiative (GCI) has made accessing the scheme easy and hassle-free. GCI does not charge a fee to access the Cycle to Work Scheme and gives access to its portal and salary sacrifice agreements free of charge.
When more people cycle, everyone wins – including the environment. Green Commute Initiative is a not-for-profit social enterprise with a vision for a cleaner and healthier future for everyone.