THE publisher of The Scotsman newspaper has become the latest company to introduce a cycle-to-work scheme aimed at encouraging employees to pedal their way to work.
Staff across Johnston Press’ UK and Northern Ireland titles can hire a bike, and necessary safety equipment, up to a total value of £1000 for 12 months. Since the hire charge will come of their gross salary directly, they will be saved from paying National Insurance and Income Tax.
The company describe it as “sacrificing a portion of your salary”.
Explains a memo sent out to employees: “Salary sacrificing reduces your tax and national insurance contributions thus enabling you to hire a bike and accessories at a reduced cost.
“At the end of this period, you may be offered the opportunity to purchase the bike and equipment by paying a fair market value. Bikes must be used to help you commute to work.”
Administered by Cyclescheme, the project has been heralded by the publisher as a means to increase ‘green travel’, improve employee health and provide an additional benefit to employees.
Cyclesheme has some 16,000 companies already signed up.