What are flexible benefits?

Flexible benefits are a tool which allows employees to choose a personalised employment package which best suits their personal lifestyle. By offering employees the option of taking a combination of cash and benefits, employers are able to potentially reduce the associated employment costs whilst enhancing the overall employment package provided to staff.

Most flexible benefit plans are offered through salary sacrifice, whereby a "non-cash" employee benefit is offered by the employer in place of an equal amount of future salary. The employer and the employee will no longer pay tax or National Insurance on the salary sacrificed, and in most cases the benefit will also be free of tax and National Insurance.

Some of the most popular salary sacrifice benefits include:

• Pension schemes;
• Childcare vouchers;
• Tax-free bicycles to work;
• Mobile phones; and
• In-house benefits.

How can Cobia help?

Cobia provides solutions which match your needs across the full spectrum of support from the administration of Childcare Vouchers through to assisting with the full design and communication of your flexible benefits scheme. Our experts will make sure that any solutions identified match your corporate profile and add genuine value to all existing reward and benefit initiatives.