The scheme enables employees to save up to 42%* on their annual car parking at work costs by purchasing a season ticket, paid for over a 12 month period, out of their gross salary.
With car park season tickets increasing year on year by as much as 30%, this is a unique way of reducing the cost of parking for those who pay to use public car parks during their daily commute to work - particularly in congested areas. parkingplus allows employees to choose from over 700 NCP car parks** nationwide.
Many organisations struggle to provide sufficient car parking space for all their employees; particularly in town or city centre locations. This problem is forecast to grow; the increasing number of cars on the road and workplace parking levies only adding to the headache.
Employers can seek to reduce the pressure on workplace parking by incentivising the use of public transport, encouraging car pooling and cycling to work, but this is generally not enough to fully solve the problem.
Introducing an employee benefit that will allow your employees to make savings on their car parking costs, delivers a powerful good news message and drives real savings for you and your employees has got to be a good thing.
Cost saving - benefiting from corporate rates from NCP means the monthly gross cost for their parking costs is significantly reduced. On top of this an employee can save up to 42%* on tax and NI contributions. As the employer there is no financial risk and you save money on NI contributions too.
Major impact for a niche audience - annual car parking passes may only appeal to a small section of your workforce, but as with other popular salary sacrifice schemes such as childcare vouchers and cycle-to-work, the appeal and impact of this employee benefit on those employees for whom it is most relevant is substantial.
Simplicity - parkingplus is low cost, easy to implement and has minimal administration for both you and your employees.
*Savings based on higher rate tax payer - **Subject to availability