Cycle to Work Extended Use Agreement
Are you tired of sitting in traffic during your daily commute? Do you want to save money on gas and reduce your carbon footprint? If so, cycling to work may be the solution for you. Many employers now offer a cycle to work scheme, which allows employees to purchase a bike tax-free and pay back the cost over a set period of time. This is commonly known as a cycle to work extended use agreement.
What is a Cycle to Work Extended Use Agreement?
A cycle to work extended use agreement (EUA) is a scheme that allows employees to purchase a bicycle and safety equipment tax-free, with payments spread over a set period of time. The scheme is designed to encourage more people to cycle to work, thereby reducing traffic congestion and promoting healthier lifestyles. The EUA is available to all employees, regardless of whether they are full-time or part-time.
How Does it Work?
To take advantage of the cycle to work scheme, employees must fill out an application form provided by their employer. The employer will then purchase the bike and safety equipment on the employee`s behalf, using a government-backed cycle to work scheme provider. The employee will then repay the cost of the bike and equipment over a set period of time, usually 12 or 18 months, through deductions from their salary.
Benefits of the Cycle to Work Scheme
The cycle to work scheme has several benefits for both employees and employers. For employees, the scheme can help them save money on commuting costs, increase their physical activity levels, and reduce their carbon footprint. For employers, the scheme can help reduce absenteeism, increase staff morale, and promote a healthier workplace culture.
Conclusion
The cycle to work extended use agreement is a great scheme that offers many benefits to both employees and employers. By encouraging more people to cycle to work, the scheme helps to reduce traffic congestion, promote healthier lifestyles, and reduce carbon emissions. If your employer offers a cycle to work scheme, consider taking advantage of it and start enjoying the benefits of cycling to work today.