Non-cash benefits are numerous and include coupons, increased pension contributions, childcare vouchers, gym membership or health insurance.
Before you offer a salary sacrifice scheme to your staff, seek guidance from a professional financial advisor to understand implications for Statutory Sick Pay, Statutory Maternity Pay and other provisos linked to Government support schemes.
Salary exchange arrangements should include terms and conditions in the event of a staff member resigning, being dismissed or gaining a promotion.
Salary exchange needs to be considered carefully within HR policies as the option may not be suitable for every employee because it might affect their mortgage, credit rating or impact any active loans.
Talk to Willow Financial Solutions and take advantage of a salary exchange whilst it is still available.