My Benefits World Cycle To Work

The My Benefits World Cycle To Work scheme is an innovative program designed to promote healthier commuting options and financial savings for employees across the UK. This cycle scheme enables employees to purchase new bicycles, e-bikes and safety equipment through a salary sacrifice arrangement, offering significant savings typically between 32% and 45% off the retail cost, depending on the employee's tax rate. By participating in the My Benefits World Cycle To Work scheme, employees not only benefit financially but also contribute to reducing their carbon footprint and enhancing their physical health.

The scheme operates on the principle of salary sacrifice, where the company purchases the bicycle and the employee repays the cost through a deduction from their pre-tax salary over a fixed period, usually 12 to 24 months. This arrangement not only makes cycle scheme bikes more accessible but also provides a tax-efficient way to encourage cycling to work. Unlike traditional cycle schemes that might limit purchases to specific retailers, My Benefits World offers the flexibility to choose from a wide range of local and nationwide retailers, including Westbrook Cycles, making it easier for employees to find the right bike and accessories for their needs.

Health benefits of cycling, as outlined by My Benefits World, include significant reductions in the risk of developing heart disease and cancer. Research cited from the University of Glasgow suggests that regular cycling can cut the risk of death from any cause by 41%, the incidence of cancer by 45%, and heart disease by 46%. These statistics highlight the importance of incorporating physical activity, like cycling, into daily routines for long-term health benefits.

For employers, the cycle scheme UK presents an opportunity to enhance their green credentials and contribute to a more sustainable and healthy work environment. Businesses participating in My Benefits World Cycle To Work save on National Insurance Contributions (NICs), with savings of 13.8% on the amount spent on bicycles and accessories. This presents a win-win scenario, where employees save money while improving their health, and employers benefit from financial savings and a healthier, more motivated workforce.

In the event an employee leaves the company before the end of the repayment period, the remaining balance is deducted from their final salary payment. Additionally, the program offers a generous end-of-term option, where employees can take ownership of the bike for no extra cost, underlining the scheme's commitment to promoting long-term cycling among UK workers.

The My Benefits World Cycle To Work scheme stands out for its flexibility, financial benefits, and health advantages, making it an attractive option for UK employees and employers alike. By supporting sustainable transportation and healthy lifestyles, the scheme aligns with broader environmental and public health goals, making it a valuable component of employee benefits packages.