6 Ways to Save Time and Money
The increase in employers National Insurance Contributions and National Minimum Wage means many Companies are looking to reduce the impact of these changes and save costs and/or improve efficiencies.
The increase in employers National Insurance Contributions and National Minimum Wage means many Companies are looking to reduce the impact of these changes and save costs and/or improve efficiencies.
Here are 6 Ways to Save Time and Money in your business for you to consider.
You are missing a trick if you do not currently operate Salary Sacrifice for your workplace pension. Salary sacrifice reduces your NI contributions because NI is calculated on a lower salary for participating employees.
75% of FTSE 100 companies operate salary sacrifice, but less than 25% of SME organisations do so when all the same benefits apply.
From an HR perspective, this not only saves costs for the business, but employees will also be better off as their net take-home pay will increase as they are paying less tax and employees’ NI. It’s a win-win situation. You can also use salary sacrifice to offer employees other benefits such as health insurance.
And if you are concerned about the administration to move to salary sacrifice, we have a partner that does everything for you…