Bike4Work
Bikes scheme comes to Ireland - October 2008
Grass Roots has announced that it is to launch its popular bike4work scheme in Ireland. Bike4work has been running successfully in the UK for over seven years now. It give employees the opportunity to purchase a bicycle, for commuting to and from work, on a tax exempt basis, through an innovative salary sacrifice process set up by their employer with specialist provider Grass Roots.
The move comes on the back of a move by the Irish government to encourage economical and environmentally friendly commuting.
In the UK the scheme has helped boost the sales of bicycles for participating retailers and is estimated to be worth some £40m per annum. Employers who offer the benefit to their staff include BskyB, Centrica, Barclays and Glaxosmithkline.
The Dublin based arm of Grass Roots will launch the scheme in January and has begun the process of recruiting retailers who will accept bike4work vouchers. The vouchers will carry a value that an employee has decided he or she wishes to spend on their bicycle. The retailer accepts the voucher as payment and then returns it to Grass Roots who in turn reimburse the store.
Head of Sales and Development of Grass Roots Ireland, Matt Spencer, is excited about the prospects for the scheme: “Bike4work is a proven concept in the UK. Thanks to the tax breaks, employees have been able to make significant savings on the costs of buying a bike for getting to and from work. There are obvious health advantages too.
“I’ve no doubt that employers and retailers in Ireland will see the same benefits”.
For more information on bike4work, please click here or call 01 293 6200.