The cost-saving way to reward loyal employees by taking advantage of the Small Benefit Exemption.
Recent research* carried out by One4all echoes recent media coverage, demonstrating how the cost of living is very much top of mind in the Irish psyche. Results show 55% of people said they are highly impacted with the rising cost of living in Ireland, with 53% worried they won’t be able to pay for gas, oil, or electricity bills. Interestingly, 51% are changing their food shopping habits to help with paying utility bills, and 82% said they would use a gift card to pay for utility bills if it was an option.
As we move into the winter months, it’s the perfect time to start thinking about how to optimise your employee engagement strategy as employees continue to go the extra mile to achieve business objectives after yet another extraordinary year. Showing appreciation for their efforts with rewards and recognition is crucial in maintaining high levels of satisfaction, motivation, and productivity.
TAX FREE GIFT
Did you know that as a business owner you can gift an employee up to €500 tax-free?
Through the government’s Small Benefit Exemption scheme, businesses can give up to €500 in a once off payment per employee per annum in One4all Gift Cards - free of any tax, PRSI and USC charges.
In Association with
Terry Spence, Director of Sales for One4all Rewards, says: “Our latest research highlights the serious impact of the current economic climate on employees, and it also presents a huge opportunity for employers to reduce their own costs by utilising the BIK exemption. Their staff can also reap the rewards of the full value of their bonus without having any tax applied, as currently an employer can save up to €653.65^ per employee.
“Earlier in the year, Tánaiste Leo Varadkar suggested that there was the possibility of increasing the €500 limit to €1,000 in Budget 2023. This would be a huge boost for employers, employees and the Irish economy. With more price increases on everyday living expected before year’s end, that will impact both employers and employees alike, and the Small Benefit Exemption will become an essential tool to help all through a very demanding financial year.’’
ONE4ALL GIFT CARD
The popular One4all Gift Card can be loaded from €15 to €150, and its digital counterpart can be tailored with a personalised video message from you on behalf of your business or customised with a photo of your company logo, and easily sent by text or email.
For higher value loads over €150, the One4all Chip & PIN option is available in physical or digital reloadable format. EU Directives to protect Irish consumers means anonymous gift cards with a load value of over €150 currently require a simple photo verification process to help protect consumers against online fraud.
Employees who received a Chip & PIN Gift Card last year benefit from previous photo verification through our technology partners, ID Pal, meaning the ID process is still valid, for a period of up to four years from initial verification.
For more information, email corpsales@one4all.ie or visit one4allrewards.ie to place your order today.
Figure of €653.65 is based on giving €500 net to an employee on the 40% tax band paying full PRSI and USC.
