Electric Vehicle (EV) Salary Sacrifice is a scheme that allows your employees to lease a brand-new electric car through a deduction from their gross salary, before tax and National Insurance contributions are calculated. It's a fantastic employee benefit that makes driving an EV more affordable and accessible. Essentially, it's like the Cycle to Work scheme, but for electric cars!
Our electric car scheme enables your people to select a new electric vehicle, on a lease agreement, from a range of popular options. Rather than make payments directly to the dealership, the monthly lease cost is deducted from the employee's pre-tax salary. This means significant savings for the employee and reduced NI contributions for your company.
Offering an EV Salary Sacrifice scheme provides a range of benefits:
My Staff Shop’s EV Partners offer end-to-end support, from initial setup to ongoing management, ensuring a smooth and seamless experience for both you and your employees - with everything being hosted and easily accessible through your dedicated My Staff Shop platform. The contract also provides full Employer Protections so you don’t need to worry about being left holding the EV should employees leave the business. These protections kick in as soon as 3 months after taking delivery, and offer protections against most life events. In most cases you simply hand the car back to our EV Partner, allowing you to focus on the day to day running of the organisation ‘worry free’.
With a selection of electric vehicles, your scheme will cater to different needs, whether your employees are looking for sporty design or long range practicality, you’ll be able to offer a model that suits them. Our EV partners now also offer leases up to 5 years, and provide access to a range of 2nd hand EVs, both of which help bring the costs down even further, making this benefit even more affordable and inclusive for your employees, and improving eligibility for lower earners.
And of course, offering EV Salary Sacrifice as part of your My Staff Shop benefits package means that your employees maximise their savings, while remaining cost effective for your company.
Replacing an employee is expensive; retaining one costs much less. A well-designed Reward & Recognition programme can significantly reduce staff turnover.
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