Cable and Wireless Worldwide launched an environmentally friendly, cost-conscious, salary-sacrifice car scheme for its 5,000-plus UK staff at the beginning of August 2010.
The scheme is set up on a two-year basis and is available for employees to join at any time. After the two years, staff can choose to return the car, buy it back or seek car provision outside the scheme. They can choose from a range of models, including BMW, Mini, Volkswagen and Audi.
The scheme is limited to cars that are low in CO2 emissions, enabling staff to make tax and national insurance (NI) savings.
Paul Bissell, head of reward, Cable and Wireless Worldwide, says: “It is a win-win solution. The [employee] wins because they are getting a brand new, fully maintained, fully insured car for less than they would if they went into a garage. The business wins because, environmentally, we are encouraging our people to use vehicles that are more fuel-efficient or environmentally friendly, and we are benefiting from NI contribution savings associated with salary sacrifice, and from reduced business mileage costs.”
Staff can access a website that provides details of the policy structure, makes and models of cars, and shows them how much a car will cost on a gross and net basis. It also gives staff a comparative quote on what the car might cost from a garage. The scheme has seen a high take-up, with 30 cars ordered in the first week, and approximately
140 cars ordered overall.
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