Cycle to Work: What you need to know
Getting on your bike and commuting to work not only saves money but can boost your fitness. And the Cycle to Work scheme can make buying a bike more affordable – here’s how.
Over 740,000 people cycle to work every day, according to recent census figures, an increase of 90,000 from 10 years earlier. However, while these numbers seem impressive, it amounts to just 2.8% of all working people cycling to work.
To boost cycling figures even more, the Government introduced the Cycle to Work scheme.
How does it work?
If one of your employees wants to buy a bike for their commute, they can get a discount if you offer the scheme.
It works on a hire purchase system, so they don’t actually own the bike until it’s all paid off.
The employee will pay monthly instalments for the bike over a specified period. Once they’ve come to the end of the period, they can pay any remaining balance, at which point they get ownership of the bike.
The discount comes in the form of a tax exemption, so regular payments are taken from their pay cheque before tax is applied.
This means they can save at least 25% on the cost of a new bike.
What is available?
The choice is up to them, as long as it’s from a certified retailer.
They could even buy two bikes if they needed to cycle to and from different train stations.
They could opt for simply the bike or the full package, which includes various accessories and safety equipment.
What are the benefits for employers?
They’re a great benefit to offer your staff to show you are thinking about them and their health and wellbeing.
It also adds to your company’s green credentials and gives you fitter workers. Research from Brigham Young University found employees who exercise for at least 30 minutes, 3 times a week, are 15% more productive.
It also means you don’t need as many parking spots.
In fact, many of Business Environment’s offices have cycle facilities in which to store your bike, so there’s no excuse not to give the scheme a go.
Call us on 0800 073 0490 to find an office near you with cycle facilities.
Posted by Julie Tucker