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Holiday Exchange

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Holiday Exchange Employee Benefit Scheme from Gemelli

Extra Holiday when it’s needed with our Holiday Exchange Scheme
Employers are increasingly recognising the benefits of offering staff more flexible ways of working, to help them balance the responsibilities of work with the demands of home, family – and life generally. Solutions like flexi-time and home-working are commonplace, addressing the fact that one size no longer fits all, allowing staff to fit their life around their work – and creating a more productive and loyal team at the same time. But what about the traditional fixed annual holiday allowance? For any number of planned or unexpected reasons, an employee’s personal leave requirements can change from year to year, with the result that, from time to time, their contracted holiday allowance may not be sufficient for their needs. The Gemelli Holiday Exchange Scheme give staff increased flexibility over their holiday allowance, enabling them to exchange part of their salary for additional days if they need them. As well as helping staff manage those occasional work-life challenges, the scheme boosts workplace motivation, and both the employee and their employer save money.


How the Scheme Works
Operating on a salary exchange basis, the Gemelli Holiday Exchange Scheme gives employees the option to extend their contracted holiday allowance by using part of their salary to purchase additional days. The scheme gives employees increased flexibility to accommodate a wide range of events that would otherwise take them over their fixed holiday allowance, such as getting married, moving house, a once in a lifetime holiday, or visiting family overseas. It can also benefit employees who find they need to take time out for an unexpected reason part-way through the year, but don’t have sufficient holiday entitlement remaining to enable them to do so. Tax and National Insurance savings mean employees can reduce the cost of purchasing unpaid leave by up to47%, and can spread the cost over 12 months, while their employer saves on payroll costs and Employer’s National Insurance contributions.


Example Employee Saving
The following examples show the savings for 2 employees – one a basic rate tax payer, the other a higher rate tax payer, who opt to take an additional 5 days leave, paying for it over 12 months:

Basic Rate Tax Payer
Salary: £30K
Gross cost of leave: £574.70
Net cost of leave: £390.84
Tax and NI Savings: £184.86
Higher Rate Tax Payer
Salary: £40K
Gross cost of leave: £766.25
Net cost of leave: £444.48
Tax and NI Savings: £321.77

 


Benefits to Employers

Simple to introduce into businesses of any size
Can be tailored to fit a company’s holiday allowance policy and business needs
Demonstrates a commitment to flexible working, helping attract the best staff
Increases motivation levels & engenders loyalty
Contributes to reduced absenteeism
Reduces payroll costs & Employer’s National Insurance contributions

Benefits to Employees

Gives option to purchase additional holiday if needed
Increases flexibility to be able to plan for special events – or to deal with the unexpected
Save up to 47% in tax & NI when purchasing additional unpaid leave
Spread costs of buying extra days over 12 months


Find out more...
To find out more about the Gemelli Holiday Exchange Scheme and how it can benefit your business, get in touch with us today on 01280 851113 to talk with one of our employee benefit experts, or email us.

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