In 1999 the UK government made changes to the legislation governing various taxation methods. They added the Cycle to Work Scheme, an annual tax exemption that allowed employers to loan cycles and cyclists’ safety equipment (up to the value of £1000) to employees as a tax-free benefit. Some employers embraced the idea, while others seem reluctant to get involved.
Benefits of Cycle to Work for employees
- Feel happier – studies show that regular exercise is an effective way to tackle stress and anxiety. (Scientific American) Cycling to work is a simple way to increase physical activity in a day already filled with work and family pressures.
- Get fitter – as a low-impact form of exercise, cycling is easier on your joints than running, but still great for boosting physical fitness. Take the bike rather than the car just three times a week and you will soon start to feel the health benefits.
- Save money – whether you travel to work on public transport or in the car, cycling is definitely the cheaper option. Just this month the BBC reported that the average price of a litre of fuel is now around £1.19 for petrol and £1.22 for diesel. Add annual costs of insurance, MOT and general repairs and cycling becomes an attractive alternative.
The bottom line for employers
On top of the employee benefits highlighted above, here are a few ways that the Cycle to Work Scheme can have a positive impact on your business.
- Increased productivity – as noted in our previous blog ‘The impact of personal protective equipment in your business’ employee satisfaction is related directly to how safe they feel on the job. Demonstrating care for staff wellbeing improves staff dedication and morale – leading to a happier and more productive workplace. In addition, people who cycle to work are not only healthier; they take half as many sick days as the average UK worker.
- Save money – more people cycling to work reduces the need for staff parking facilities, alongside the costs that go with maintaining a car park and securing staff vehicles.
- Corporate social responsibility – less traffic congestion, improved health of the population and lower pollution levels are just three ways that the Cycle to Work Scheme helps your business play a positive role in your local community. According to a study by the UK Small Business Consortium, “88% of consumers said they were more likely to buy from a company that supports and engages in activities to improve society”.
How can we help?
In 2013, 22% of employees identified a lack of facilities in the workplace as the main reason that they didn’t cycle to work. NGT Products source a variety of cycle shelters and will happily do a site visit to help you decide which options are best suited to your workplace. From a larger bicycle compound with twin level racking – to the budget friendly wall mounted cycle shelter – we will find something to suit your budget.
To see how we can help further book a site survey.