Who is eligible to join the cycle share scheme?
The scheme is open to all NES full-time or part-time Employees whose term of employment is more than the period of the loan (12 months from when the purchase is authorised). In order to take advantage of the tax breaks that result from salary sacrifice please also note that the following criteria must be met.
- They need to be a UK TaxpayerThey need to be over 18 years of age to comply with the consumer credit act legislation.
- They need to be earning more than the National Minimum age after their salary has been reduced. An example is : Someone works 15hrs and gets £325. You take the deduction of 83.33 (Max Allowed) off his monthly wage. £325.00 - £83.33 = £241.67 then divide by his hours worked. £41.67/15 = 16.11. If this is more than the minimum wage of £6.19 then he is entitled to join the scheme.
Any queries as to whether a NES employee qualifies for the cyclescheme within NES can only be answered by Finance (email@example.com) and not Cyclescheme.