Q2 2023

Another win-win for employers and employees is the electric car scheme where workers can use a portion of their pre-tax salary to help buy an electric car. Not only do employees reduce their motoring costs and benefit from not paying tax and NI contributions on the portion of their salary they have sacrificed with current HMRC treatment, but it also helps employers improve their environmental credentials while reducing their own NI costs. Mortgage advice With mortgage interest rates rising again recently, an individual who is coming towards the end of their fixed rate could see their mortgage repayments go up by hundreds of pounds a month. While employers cannot control interest rates, they can help their employees access the best mortgage rates by setting up an arrangement with a mortgage advice company, which can offer them free independent mortgage advice and access to mortgages that they would not have been able to otherwise. Discount vouchers For a small set-up cost, you can also offer your employees discount vouchers to help them save money on their food shopping, go out for meals or for holidays. This costs as little as just £2.30 per employee each month – a small price to pay to help your employees during this cost-of-living crisis. Review your benefits package This is just a snapshot of what employers can offer their employees. Much more is available. At MMB, we offer a wide range of benefits from fitness and health to genetic testing and pensions. Employers can brand these benefits in their company name and offer more for employees than they currently receive. At MMB, we offer a free, no-obligation audit of your benefits, so you only pay for our services when you decide to when you decide to work with us. We help you understand your workforce, so you can tailor your benefits package to what works best for your staff. We will talk you through what we can do to help you support your employees. At a time when people are more likely to switch jobs for a small change in salary during this cost-of-living crisis, employers can improve retention by reviewing and updating their benefits packages to make them much more attractive to employees. Contact Details Company: Mercer Marsh Benefits Contact: Rachel Riley Website: www.mercer.com horised and regulated by the Financial Conduct Authority (Firm Reference Number 121935). Mercer Limited is registered in England and Wales (Registration er 984275). Registered Office: 1 Tower Place West, Tower Place, London, EC3R 5BU.