NYSE Euronext selects Tusker salary sacrifice car scheme
The firm is a leading global operator of financial markets and provider of innovative trading technologies including the New York Stock Exchange and has implemented Tusker's SS4C salary sacrifice product for its new Carbon Efficient Car Scheme for its 650 UK employees.
NYSE Euronext introduced the Carbon Efficient Car Scheme to enable UK employees to give up part of their gross salary in exchange for a new car with a carbon emissions rating of no more than 120g/km. The salary is sacrificed before tax and National Insurance, resulting in tax savings on the benefit.
The firm introduced Tusker's online salary sacrifice car platform following recommendations from its employee benefits consultant, Truestone Employee Benefits. The scheme forms one of a suite of voluntary benefits offered through iChoose, an award-nominated flexible benefits platform developed by Truestone specifically for NYSE Euronext.
Other voluntary benefits offered to NYSE Euronext employees through iChoose include carbon offsetting, organic food delivery and discounts at green and ethical retailers.
The new salary sacrifice car scheme is not a substitute for an existing company car scheme as NYSE Euronext phased out its company car scheme several years ago and merged cash allowances into overall salaries four years ago.
'We wanted to extend our voluntary benefits offering to our staff with an initiative that promoted environmentally friendly new cars but was also tax efficient at the same time. As we are always looking for ways to reduce our carbon footprint as a company, this seemed the perfect solution,' said David Peach, human resources director at NYSE Euronext.
'So far uptake is around 2% and the introduction of the scheme, which went live in April, has been seamless,' he added.