This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our privacy notice.

Helping employees through the cost of living crisis

Shared from Tax Insider: Helping employees through the cost of living crisis
By Jennifer Adams, May 2024

Jennifer Adams considers various ways employers can help employees through the cost of living crisis.  

Given this challenging economic environment, many employers are looking to see how they can help employees financially. Pay increases may not be an option, bearing in mind the additional tax and National Insurance contributions (NICs) implications for employers and employees.  

For some employees, tax-free, non-cash vouchers to assist with rising bills and food prices may be an alternative, as may proactive measures such as providing subsidised meals at work or facilitating car-share arrangements. Staff could be allowed to sell back unused holiday entitlement (subject to the minimum 5.6 weeks paid annual leave, which cannot be paid in lieu).  

Advances for expenses 

Some types of loan are exempt from these rules, so no benefit-in-kind arises. Such

This is one of our 2599 Premium articles

To see this article in full and unlock access to our complete library of 2599 articles click 'subscribe & unlock' below:
SUBSCRIBE & UNLOCK

Subscriptions include a 14 day free trial
+ money back satisfaction guarantee