You will see salary sacrifice elements on the “payments” (left hand) side of your payslip as minus values, rather than on the "deductions" (right hand) side of your payslip. If you are unsure of your current salary sacrifice participation, the best way to find out is to check on your payslip. PASNAS Pension contributions - The PASNAS scheme closed to new members on 1 January 2019Ĭhildcare vouchers - The childcare vouchers scheme closed to new members on 4 October 2018 The University currently offers the following benefits via Salary Sacrifice: Under this plan, monthly contributions are made by eligible employees 3 of monthly basic salary (subject to change as per the discretion of Management). You may see references to ‘Enhanced Employee Benefits’ in older paperwork (such as your contract of employment if it was issued between 20) and should consider all such references to mean salary sacrifice. For simplicity, we now refer to all such arrangements as ‘salary sacrifice’. Note: From 2008 to 2016 the University branded some of these salary sacrifice arrangements as ‘Enhanced Employee Benefits’. Salary sacrifice is a contractual arrangement between you and the University where you give up the right to receive part of the cash pay due to you under your employment contract, and in return the University provides you with a non-cash benefit, such as childcare vouchers, or membership of an applicable pension scheme. Funding a benefit via salary sacrifice allows employees to make savings on their tax and National Insurance contributions, thus increasing their take home pay.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |