P&MM, the UK’s leading employee benefits provider, has launched a new salary sacrifice solution enabling organisations to offer staff the opportunity to buy additional days of holiday from their gross pay.
This product, entitled Holiday-Plus, is designed to help organisations reduce their salary bill in an employee-friendly manner and is sure to promote the feel-good factor among staff who are keen for extra leave.
Employees pay for the additional holiday over twelve months via deductions from their monthly gross salary. The cost of the additional holiday is therefore spread throughout the year.
While the employee is able to enjoy more time on leave, Holiday-Plus also enables employers to reduce their annual salary bill.
Richard Davies, Head of Employee Benefits at P&MM, explains the scheme: “An employee on a £40,000 salary, for example, who decides to buy an additional week’s leave through Holiday-Plus will actually pay less than £40 per month for the extra week, and at the same time the employer saves nearly £800 in salary and NI costs.
“The employee gains an extra week’s leave and the employer benefits financially from the reduced salary and reduced employer’s National Insurance contributions given the lower salary.”
Richard continued: “Holiday-Plus is also a great motivational tool. Holidays are highly valued among all staff and the chance to make a small salary sacrifice to gain extra quality time with the family is one that many people will jump at.”
Holiday-Plus is available from P&MM as a stand-alone product or as part of a wider benefits package and is delivered and administered by P&MM, providing a total solution including an online administration portal and telephone help-line.