A new employee benefit initiative, The Electric Car Scheme, has launched.
Staff across the UK are now able to submit a request for a heavily discounted electric car through their employers, in a similar vein to the popular Cycle to Work scheme.
This high-demand new staff benefit is a UK Government tax incentive and works via a salary sacrifice scheme. This ends up saving employees between 30-60% on an electric car of their choice. On the scheme, employees can make savings on the full range of electric cars available on the market across lease providers.
Often perceived as unaffordable, the savings on electric cars through the initiative make the cars far more accessible than before. For example, a Volkswagen Up! could cost as little as £150 per month, or an employee could drive a Tesla Model 3 from as little as £350 per month.
When requesting this service from employers, it is worth noting the other benefits to the company. For one, companies improve their offer to employees, helping them with recruitment and retention. Companies also have increasingly significant sustainability targets to meet, and The Electric Car Scheme goes a long way to helping employers achieve these goals.
Unlike with other electric car salary sacrifice schemes, The Electric Car Scheme includes protection to the company covering all the cars on the scheme. If employees leave, whether through redundancy, dismissal, taking a new role, long term sickness or parental leave, they are protected.
Once a company signs up to the service, The Electric Car Scheme helps employees select and order the best car for them. The company is also supported throughout, with payroll, admin and finance support offered by The Electric Car Scheme.
Co-Founder and CEO of The Electric Car Scheme, Thom Groot said, “More than 80% of employees in the UK want their next car to be an electric car, and The Electric Car Scheme now makes this affordable through salary sacrifice.
“We’ve designed this with both the employer and employee in mind, so staff can drive new, electric cars at a 30-60% discount without creating a net cost or risk for their company.”
He added, “I encourage all UK employees that are looking to switch to driving electric to approach their company leadership team – whether it be via HR or finance – and request they look into this, as it really does benefit everyone.
“At The Electric Car Scheme, we are dedicated to making it a ‘no brainer’ decision for everyone to switch to driving electric, at an affordable cost.”