If you`re looking to purchase a new bike, but may not be able to afford it, you might consider exploring CycleScheme. With CycleScheme, you can spread out your payments over time and enjoy the benefits of owning a bike without the financial burden.
The CycleScheme hire agreement enables employees to hire bicycles and cycling equipment through their employer. This means that you can acquire a brand new bike and all the necessary accessories in an affordable way. The CycleScheme programme is an initiative that encourages employees to cycle to work and stay fit, thereby reducing the carbon footprint.
The CycleScheme hire agreement works by allowing employees to lease a bicycle and cycling equipment through their employer. The employer purchases the bike, and the employee pays a monthly fee to hire it. Once the agreed-upon hire period is over, the employee has the option to return the bike, extend the lease, or purchase the bike outright.
One of the most significant benefits of the CycleScheme hire agreement is the cost savings. Employees can save up to 42% on the cost of a new bike and associated equipment. This is because the monthly hire fee is paid through salary sacrifice, which means that the payment is taken out of your gross salary before tax.
Another benefit of the CycleScheme hire agreement is that it includes all the necessary cycling equipment, such as helmets, locks, lights, and even clothing. This ensures that you have everything you need to start cycling safely and comfortably right away.
The eligibility criteria for the CycleScheme hire agreement may vary depending on your employer, but generally, anyone who pays income tax and national insurance contributions can apply. Your employer must also have signed up to the CycleScheme programme to be eligible.
Overall, the CycleScheme hire agreement is an excellent option for anyone who wants to cycle to work but may not have the financial means to purchase a new bike outright. With its cost savings and comprehensive equipment package, the CycleScheme programme is an excellent investment in your health, wallet, and the environment.