6th August 2007, 01:52 PM
I work for a consultancy that has a flexible benefits system of this kind.
In relation to leave, you can 'buy' up to 5 days extra leave through reduced salary, or 'sell' up to 3 days leave for extra salary. You have to make the choices by a fixed date each year.
There are a number of other benefits that you can buy through salary sacrifice, including insurance (life, critical illness, travel); child-care vouchers; etc.
One advantage of doing this is that the salary deductions are made before tax - so you end up paying less tax.
I think it is an excellent system.
1man1desk
to let, fully furnished
In relation to leave, you can 'buy' up to 5 days extra leave through reduced salary, or 'sell' up to 3 days leave for extra salary. You have to make the choices by a fixed date each year.
There are a number of other benefits that you can buy through salary sacrifice, including insurance (life, critical illness, travel); child-care vouchers; etc.
One advantage of doing this is that the salary deductions are made before tax - so you end up paying less tax.
I think it is an excellent system.
1man1desk
to let, fully furnished