Benefits to the Employer
There are numerous benefits to the Employer for running a Ticketscheme, here are some of the benefits of providing the scheme:
- 10.75% PRSI Saving – this saving is made because the employees Gross income is reduced
- Provides a fantastic benefit for your current employees
- Help you retain and attract potential new employees
- Frees up parking facilities and any associated costs
- Employee saves 100's of Euros on commuting costs
How much can the Employer save?
As the Employees Gross Salary Sacrifice has been reduced because they have selected to join Ticketscheme, the amount of Employer PRSI you will pay is less. Employers can save 10.75% on Employer PRSI per ticket provided through the scheme.
Here is an example of your Employer PRSI savings:
If an employee opts to purchase a commuter travel ticket which costs €1,550, the employer could make a saving of €166.63 just for that ticket.
This means if 10 employees enter the scheme for a commuter travel ticket at €1,550 each, your company could make a total saving of €1,666.25. (€1,550 x 10 = €15,500 x 10.75% = €1,666.25)