Preston College is set to launch an annual bus pass through salary sacrifice for its 1,000 employees.
The college is in talks with two companies, Stagecoach and Preston Bus, and hopes to offer the benefit early next year.
Under the scheme, employees will be able to sacrifice salary in exchange for an annual bus pass, with payments spread over the year. They will make savings on tax and national insurance contributions (NICs) on the amount sacrificed, and the college will also save on NICs. David Whittle, payroll manager, said: “There are obvious cost benefits for our staff and the college, but it is also important to ease the pressure on Preston’s roads.”
The college has already introduced salary sacrifice on a cycle-to-work scheme provided by Cyclescheme.