Seeking an option to beat the morning traffic to the office? Here is the solution. Be a part of the cycle to work scheme. If you avail this scheme, you will be able to save up to 51% of the total amount. It is a tax incentive scheme to encourage employees to cycle to work. Let us know more about it.
Bike To Work Scheme Ireland Benefits
In Ireland, the Bike to Work Scheme is a government-backed initiative aimed at encouraging employees to commute by bicycle instead of using cars or public transport for a healthier and more sustainable lifestyle. The scheme provides a tax incentive for employers to buy bicycles and related equipment on behalf of their employees as a tax-free benefit.
Thousands of commuters in Ireland are getting the benefit of cycling to work. Not only will you be able to beat the morning traffic jams saving you time but also more endorphins will be produced in your body resulting in an improved mood. It also provides numerous health benefits like cycling preventing the risk of cardiovascular diseases, diabetes, and obesity. Also, it does not require much energy to run this cycle so you can start your workday with full energy. You don’t have to perform any laborious work to get numerous health and mental benefits. This is all because of the cycle-to-work scheme Ireland.
Bike to work scheme ireland
This is the very first step of the process when you have to ask your employer if they are registered for this scheme. Employers who are not yet registered under the scheme in Ireland should get registered soon.
If your employer is not ready for the scheme then you can convince them by saying that they will make savings on employee PRSI with this scheme and also it will improve the working efficiency of the employees by reducing their sick leave. Telling the benefits of the scheme will make your employer think about it.
Once you ask your employer, the next step is to choose your preferred e-bike and accessories. You can simply visit our cycle centre and select the best e-bike for you. Don’t worry, if you are confused about which one you need then get assistance from our friendly working team. We will suggest the best cycle and accessories you can opt for.
Once you finalize your e-bike and accessories then get a written quote from us so that you can show this to your employer.
Now you will sign an agreement with the terms of your salary sacrifice with your employer. You and your employer on mutual understanding can choose how much you will repay from your gross salary each month.
When you sign the agreement and give a quote to your employees, they will pay us. Depending on your salary arrangements, these salary deductions can be made weekly, fortnightly, or monthly.
And now, you simply get your bike to start your savings for retirement.
The scheme is becoming highly popular because it provides several advantages not just to the employee but also to the employer. Let’s discuss how it is beneficial considering the employer’s perspective.
Cycling helps make employees feel good and healthy which results in less sick leaves which is great for any business. Also, healthier staff results in higher efficiency and productivity.
All organization owners want their staff to be present, efficient, and productive. To make them efficient and productive, they should be physically and mentally fit. With cycling one can stay happy and focused due to the higher release of endorphins. A happy workforce results in higher productivity and creativity bringing more profit to your business.
These days, organizations keep their eyes open regarding the environment. The Bike to Work scheme Ireland directly makes our environment greener leaving zero carbon footprint. It saves our planet in several ways. This allows the businesses to shout out that they are using environmentally friendly practices which enhance the reputation of the businesses in the entire market.
You may think it is beneficial for the clients only to save their car fuel. But at the same time, it is beneficial for employers. More happy and focused employees result in higher productivity and fewer sick leaves. Also, it reduces the requirement of parking spaces in organizations. This saves a huge amount of money for businesses in maintaining parking spaces.
Now you understand that the initiative taken by the government is helpful not just for employees, and employers but also for our planet. So, be a part of the scheme. Cycle Centre has an extensive range of bicycles, electronic bikes, and other biking accessories to choose from. We have something for all the cyclists. We accept bike-to-work scheme vouchers and provide all the required items like e-bikes and safety accessories on time.
How to save money on cycle to work schemes?
Being an employee, you can save on cycling prices because repayments come out of your salary before tax deduction. If you are on the highest rate of tax then you will save almost half of the money using this scheme.
What accessories are included in the scheme?
E-bikes, helmets designed for cycling only, bells, bulb horns, mirrors, lights, cycle clips, skirt guards, mudguards, panniers, locks, chains, puncture repair kits, reflective clothing, bike reflectors, luggage carriers, and straps are included in the scheme. However, you won’t get trailers, any bicycle parts, and child seats into the scheme.
: How does the Ride to Work Scheme work?
A: Employers can set up the scheme for their employees, who can then choose a bicycle and safety equipment from a registered retailer, such as CycleCentre. The cost of the bike and equipment is deducted from the employee’s salary before tax, saving them money.
: How much can I spend on a bike through the Ride to Work Scheme?
A: In Ireland, employees can purchase a bicycle and safety equipment up to a maximum value of €1,500 tax-free through the Ride to Work Scheme for Ebikes.and 3000 for cargo bikes.
What happens if I leave my job after purchasing a bike through the Ride to Work Scheme?
A: If you leave your job before the end of the scheme’s payback period (usually 12 or 18 months), you may be required to pay back the outstanding balance on the bike. This will depend on your employer’s specific terms and conditions.
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