Purpose

The
Council are committed to offering a range of benefits designed to
attract, develop and reward our employees. The current
circumstances provide an opportunity to review the current
arrangements in place for employee reward and improve the
offer.

 

The report
sets out a proposal to introduce a new reward scheme providing an
arrangement for employees to purchase home and electronic products
whilst spreading the cost over a twelve-month
period.

 

Many
employers, including local authorities, are taking advantage of
home electrical schemes, providing affordable options for
employees. The scheme can be used in recruitment campaigns,
attracting talent.

 

The scheme aligns with the
Councils Health and Wellbeing Strategy, particularly with financial
wellbeing, as employees can save up to 8% on the cost of home and
electrical products whilst also saving on statutory
payments

Content

The report outlines:

1.     
The opportunity
to implement a Home & Techscheme, allowing employees to benefit
from purchasing tech products and home décor, saving up to
8% through a reduction in National Insurance Contributions
(NICs).

2.     
Detail on how
the Council will benefit from savings on statutory
payments.

3.     
The proposals
to promote the scheme to realise future savings for both the
Council and eligible employees.

4.     
The scheme be
approved to include the following parameters:

a.     
Approval is
subject to meeting the required eligibility checks and signing the
agreed terms of the scheme.

b.     
Only employees
who are not subject to a formal performance/capability process or
with a live performance/capability warning are eligible to apply to
minimise financial risk.

c.     
Eligible
employees can request a voucher over a twelve-month term, with a
minimum value of £100.

d.     
All eligible
employees will be invited to join the Home & Techscheme to
realise future NI savings for the workforce and the
Council

5.     
Scheme approval
if the financial recommendations are in place,
including:

a.     
Adequate
reporting of VAT on employee repayments is correctly transacted
through the payroll system. This is an essential requirement to
ensure the Council are compliant with VAT.