Companies are saving employees over £1.7k a year with this benefit – London Business News | Londonlovesbusiness.com

New figures from Octopus Electric Vehicles have revealed that drivers could save over £1.7k a year with this employee benefit as search increases 25% over the past year in the UK.

Did you know that 75% of employees say they’re more likely to stay due to their employee benefits package?*

New figures from Octopus Electric Vehicles reveal that British EV drivers could save up to £1,727.64 per year by switching to an EV salary sacrifice scheme.

The data show that EV drivers could save up to £143.97 a month** by opting to drive an electric vehicle with a salary sacrifice scheme. Not only do drivers save on tax by paying through their gross salary, but insurance, maintenance, and tire costs are all covered in the monthly payments. What’s more, fuel costs are reduced because electricity is cheaper than petrol.

The research comes at a time when the demand for EV cars via salary sacrifice is at an all-time high. Google searches for the term “EV salary sacrifice scheme” have increased by 84% in the past 12 months. The demand for affordable EVs as a company perk is undeniable.

Figures from Octopus Electric Vehicles compare some of its most popular EV models with combustion engine cars of a similar size, spec, and price point to see which offers the highest yearly and monthly savings.

Fiona Howarth, CEO of Octopus Electric Vehicles, commented on the recent rise in the demand for salary sacrifice schemes: “Salary sacrifice is helping to drive the transition to cleaner, cheaper driving. With such massive savings on the upfront cost of the lease by paying through your gross salary, it’s easy to overlook just how much cheaper electric cars are to run than their fossil-fuel counterparts. The argument to switch to electric isn’t just environmental; it’s financial, too.”

The salary sacrifice scheme makes it easy for drivers to experience the latest electric cars and their innovative tech for a single monthly price. It makes EVs cheaper, easier, and more exciting for our customers.”

What is salary sacrifice?

Salary sacrifice is a benefit that allows employees to lease a brand-new electric car. In return, the employee opts to sacrifice a portion of their gross monthly salary in return for the use of the vehicle.

Salary sacrifice schemes benefit employees as they allow individuals to reduce their National Insurance payment in return for a non-cash benefit, overall increasing their take-home pay. And employers benefit too as the scheme boosts staff acquisition and retention rates.

Drivers effectively save up to 40% on the upfront costs of their lease.