Royal Bank of Scotland (RBS) is switching its retail voucher benefit from a paper-based scheme to an electronic card.
Under the scheme, employees will be given an electronic card, on which they can put between £10 and £2,000 per month from their salary or from their flexible benefits pot. The card can be used at 20 retailers, including supermarkets and travel agents.
Instead of receiving the discount at the point of purchase, the money saved is charged back to the card at the end of each month. The employee then has the option of spending the saved cash at any of the 20 stores.
Jim Cowan, senior consultant, remuneration and benefits at RBS, explained: “The retailer provides a month-after discount back on to the card, so if the employee spends £100 this month with a retailer offering a 5% discount, they get £5 back on the card next month.”
To encourage uptake and celebrate ten years of flex at RBS, the firm is running a competition for staff to win one of ten cards ready charged with £100.
The firm has also lifted the holiday trading restriction imposed on managers at the company, enabling them to buy up to five days holiday a year, as well as sell five days of their annual leave.