What is Salary Sacrifice?
Under a salary sacrifice arrangement, an employee gives up some of their cash earnings in return for new or increased entitlements to non-cash benefits provided by their employer. Apart from pension contributions, non-cash payments include childcare vouchers, cycle schemes, travel, subsistence allowances and others.
Key Benefits of salary sacrifice in Opera 3 Payroll & HR:
- It's included as standard with Opera 3 Payroll
- It's very quick and simple to set up
- Salary Sacrifice can be used for both pension and non-pension sacrifices
- A pension salary sacrifice can be based either on a defined value or a percentage
- Salary Sacrifice information is printed on the payslip
- Sacrificed values are included in pension contribution reports and pension contribution files
- Pension salary sacrifice values are shown on the Employee History Form
- The Employer's NI saving can be added to the pension contribution