Leavesave allows employees to take up to 3 weeks extra time off work, on top of regular annual leave and save organisations thousands of pounds each year!
The scheme is run as a salary sacrifice benefit, which means that employees can ‘buy’ additional leave using their salary for the amount of leave requested. The costs are then spread across the year so that monthly salaries only decrease by a fraction of the total cost.
Whether for a special holiday or occasion, for child or dependent care, moving house and DIY or just extra time to relax, Leavesave is the answer. An attractive and desirable employee benefit as well as an easy way for companies to cut costs without making cuts, it’s a win-win benefit for employer and employee.
How does annual leave salary sacrifice work?
We will set up a customised portal through which the scheme is offered to your employees, along with supporting marketing materials that explain to employees how the scheme works.
The Leavesave portal contains a fully integrated online salary sacrifice election system and provides instructions to employees on how to sign up for the scheme. The portal can also be integrated with other salary sacrifice schemes so that employees can access all of their company benefits with one log-in.
Your portal can be customised to suit your requirements and allow your maximum preferred number of weeks or days off allowed. Usually there is a once a year window when employees can elect to take between one and three weeks extra holiday or a maximum number of days, as preferred by you.
Example – An employee earning £30,000 will reduce their pay by just £33 a month for one extra week of holiday a year and an employer will save £657 in salary and NI savings per annum.
Benefits for Employees
- More annual leave to meet their requirements for time off
- Reduced pay not deducted when the leave is taken but spread across the year
- Salary sacrifice portal for application
- Help-line / order placement line for non-internet users
Benefits for Employers
- Salary and National Insurance savings on pay swapped for time off
- Choose number of days or weeks employees can take, up to a maximum of 3 weeks
- Extra holiday approved by Line Managers, so employer is in control
- Fully-managed and secure online salary sacrifice portal
- Minimal administration for employer and employees
- Marketing materials to promote the scheme and for maximum employee engagement