WORKERS could be missing out on hundreds of pounds worth of freebies and benefits by not asking their employer.
Many workplaces offer perks and tax breaks you might not even know about.
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Inflation has hit a 30-year high, pushing up the price of everything from energy bills to groceries.
Brits are facing a brutal cost of living crisis, which is forcing some households to the brink.
And millions are set for misery from April, when a hike in National Insurance tax comes into effect, adding hundreds to workers’ tax bills.
On top of that, the government is freezing income tax bands, which effectively means a pay cut for millions of workers.
So it’s vital that employees make sure they are maxing out whichever work perks are available to them.
Rob Marshall, head of product at employee benefits platform WorkLife by OpenMoney, says now is the time to see what support is available through your work.
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Here are five things to ask about.
Salary sacrifice and interest-free loans
You could save hundreds on the cost of your commute by taking advantage of workplace schemes.
If you get the train to work, many companies offer a season ticket loan for your railcard.
Your employer provides the upfront cost of the annual season ticket, allowing you to save money as these work out much cheaper than buying monthly or daily tickets.
You then repay the loan in monthly instalments through your salary.
With train tickets set to go up next month, this could save you hundreds on your commute.
Rob says: “Not only would this help with budgeting, it would also bring the added advantage of the cheaper fare that comes with paying for travel annually.”
If you prefer a bit of exercise before office hours, ask if there’s a cycle to work scheme.
Through this you can get the money for a new bike through your employer and in the same way as the rail ticket, pay back the money in monthly instalments through your salary.
And salary sacrifice schemes could even help you buy an electric vehicle.
Salary sacrifice is where you give up a bit of salary to save on income tax and VAT in return for a non-cash benefit such as cycle-to-work schemes, training or company cars.
Other tax-free benefits
Competition for staff is fierce at the moment, and many companies are upping the ante to keep their employees and attract new ones.
This could mean that the perks on offer have got better – or they might always have been there and you just didn’t know about them.
Tax-free benefits can include a mobile phone, childcare vouchers or welfare counselling, for example.
And with working from home now the norm for many people, there are likely to be some costs you can recoup.
Rob says: “Employers can provide money towards basic costs including broadband and home office furniture tax-free.”
If you’re working from home, you might be eligible for a tax rebate too – and there’s not long left to apply this tax year.
Cash plan allowances
Cash plans are a way that companies can help their staff save on run-of-the-mill healthcare costs, and a lot of people don’t know about them.
Rob recommends asking your line manager or HR department for information on what’s available.
Cash plans can get you money off routine eye tests, dental check-up and either the cost of glasses or contact lens.
Rob says: “Ask what’s covered and how to make claims.
“Cash plans are often forgotten but could save eligible workers significant sums, depending on their level of cover.”
Retail and discount schemes
You might not realise you can make savings on everyday purchases and memberships through your workplace.
“Retail discounts are one of the most common employee benefits and can make a real difference if someone is struggling financially,” says Rob.
Some employers off money-off vouchers or codes for products like home insurance or car insurance, and you could get cheap gym membership too.
Other workplaces may have arrangements for staff discounts with local businesses, or offer access to online fitness classes or equipment, Rob said.
He adds: “These aren’t always well-publicised, so it’s worth speaking to your HR department to find out what savings you might be eligible for.”
Check your contract too, as you might have insurance through your workplace that you didn’t even realise was in place.
Some companies offer Death in Service benefit, which pays out a multiple of your salary to your next of kin if you die.
Other firms may provide health insurance, and could offer it to your family too.
Annual leave
More employees may find this relevant after two years of lockdowns, which have made it difficult to get away on holiday.
Many companies will let you sell back your annual leave if you don’t use it all.
This can be an easy way to boost your take home pay if you find yourself with holiday days left to take at the end of the year.
Not all workplaces will offer this – many employers want their staff to take regular time off to ensure they are well rested.
Others may let you sell back some days but only up to a certain number, so make sure you check the details.
Rob says: “But if you find yourself using up annual leave days for the sake of it, it’s worth asking the question.”
On the flip side, some companies will let you buy extra annual leave – which is worth asking about if you like to holiday a lot or need additional time off for childcare, for example.
Meanwhile, some companies are shaking things up by introducing four-day weeks – here’s the full list.
And firms have been offering joining bonuses to attract new staff amid shortages.
Plus, you can boost your pension by taking advantage of workplace contributions.
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