A Cycle to Work Scheme may seem like a great idea in theory, but providing certain employee benefits only makes sense if there is enough uptake. Well, as the number of people commuting by bike has increased 13% since 2023, evidently UK employees still have an interest in cycling.
One barrier that may prevent more people from cycling to work is obvious: having a bike. New bikes can easily cost up to £1000. This is where Salary Sacrifice comes in; not only does it help enable employees to get a bike, but it also saves them money on their income tax. So here’s why Cycle to Work Schemes are up for the ride.
In 2023, nearly 15% of adults cycled at least once a month, proving that the people do enjoy the fresh air on two wheels. People in the UK do still enjoy getting out on their bikes, whether that is to cycle into the office daily, or just for the occasional weekend spin. By offering up a Cycle to Work Scheme, you can encourage your staff to get out more, and reap the benefits!
One of the many perks of cycling to work rather than travelling by car, bus, or train, are the health benefits. Not only is cycling good for your heart health and muscle strength, it’s only been proven that outdoor exercise is beneficial for mental health too. Sounds like a win-win!
Prioritise employee health and mental health with a Cycle to Work Scheme.
Sustainable benefits for employees are of great interest to a large number of people; in fact, the Gen Z’s coming into the workforce have an increased sense of environmental awareness as a generation. By showing employees that you value greener initiatives such as the Cycle to Work Scheme, you can attract the next generation of talent with sustainable perks.
Where salary increase is not possible, offering up tax-free benefits such as Electric Car and Cycle to Work Salary Sacrifice schemes, can enable employees to make the most of their take home pay. Employees can also benefit from this scheme further, by claiming 20p per mile when cycling for work, and even claim back £50 from HMRC if bike repairs are needed.
Learn more about Salary Sacrifice and all of the other benefits you can offer employees with My Staff Shop.
