Businesses are now returning to their places of work, as we continue to transition out of national lockdown.
However, many employees are still concerned they may catch the virus commuting to and from work on public transport.
One potential solution which has experienced an incredible upsurge is cycling to work, thanks to the popular and recently updated Cycle to Work Scheme.
Why has the cycle to work scheme experienced a surge in new riders?
The number of employees joining the Cycle to Work scheme has more than doubled, in June there was a more than 120% increase in the number of people joining the scheme compared to the previous year.
- The big news is that the previous maximum spend of £1,000 no longer applies. This means any employer can offer an uncapped scheme to their employees if they so wish.
- With the emergence of E Bikes and the higher costs associated with these types of bikes the decision to scrap the £1,000 cap is seen as an extremely positive step.
- The onset of the Covid-19 pandemic and the increased risks associated with public transport has resulted in a big push from Employers to promote bike to work schemes as an alternative option for employees.
- The DfT are keen to promote the health benefits of cycling to work, but also the major positives of lower carbon emissions and reduced traffic on the roads, particularly in city centres. These objectives also clearly align with many company’s corporate social responsibility policies.
What are the key benefits of a cycle to work scheme in your business?
- A brand new bike and a managed payment plan.
- Save on public transport or fuel costs (A recent survey of 2,000 commuters (commissioned by Evans Cycles) estimated that by switching from car, bus, tube or train to e-bikes, commuters could save an average of £7,791 over 5 years. Cycle to work enables your employees to save 25-39% of the cost of a new bike & accessories whilst also spreading the cost.
- The Health benefits are clear to see, rather than sat behind a wheel or on a train employees are outside enjoying their important daily exercise. Many employees may also have significant concerns about travelling on public transport in the current environment, this has the potential to create enhanced anxiety levels at an already difficult time.
- Government incentives provided through salary sacrifice schemes mean employers could save National Insurance contributions of 13.8%. Better physical and mental health reduces sickness absence and its associated costs
- Do your part to help protect the environment It could also help towards your organisation’s Corporate Social Responsibility goals by promoting an environmentally friendly commute. Its reported by travelling to work by bike, an employee can decrease their carbon emissions by more than 10 times compared to the same journey by car.
How to calculate the benefits of a cycle work to scheme for your business?
You can assess the potential benefits for you and your employees by visiting the Cycle Scheme website
Alternatively, don’t hesitate to contact a member of the Verlingue Employee Benefits team on; who will be happy to assist you part of a no obligation review of your current Employee Benefits strategy.