On Yer Bike!

wmsnt is now part of a Government backed scheme to encourage more people to cycle to work.

The scheme allows employees to buy a new bike, via the Company, from their pre-tax wages. This means they save at least 30% and get to pay for it over 12 months.

How Does it Work? The employee visits a “Partner shop” and chooses the bike they want. The Company buys the bike and hires it to the employee for a rent that means they pay back the purchase cost in 12 equal monthly payments.

To make it easier for them the money is taken directly from their wages so there is no fuss.

Because the Government allows the payments to be taken before Tax and National Insurance the employee saves around 31%. This, together with VAT savings makes a total discount of closer to 40%! At the end of the 12 months the bike is still officially the property of the company. So, much like a car hire firm, we sell the used bike to the employee for a one-off final payment and the bike is theirs.

The good thing is, this is a Win-Win situation.

- The employee gets a bike cheaper and enjoys all the related health benefits.
- The Company saves on the National Insurance it would have paid on the recipients salary and we have fitter, happier staff.
- The Government gets closer to its CO2 targets
- The shop sells a bike!

The scheme was launched in June 09 and to date we have had 11 employees take advantage of it. The scheme is coordinated by Senior Training Officer, John Gidlow, a keen cyclist himself.

John said that he is pleased with the uptake to date and is hoping that the warmer weather will boost membership further. “With the cost of fuel rising higher all the time, cycling to work only once or twice a week can pay for the bike in fuel saving alone.”

Of course there are other benefits that money just can't buy; a little exercise and not sitting in traffic queues are a great bonus. Additionally, the employees can enjoy their bike when they are not at work too!