Hundreds of euro can be saved on cost of annual bus ticket
Free month of travel with annual bus ticket
Employers can make substantial PRSI savings
Switch to the bus - save money and help the environment
Commuters can save themselves up to 47 per cent on the cost of annual and monthly Bus Éireann tickets with the Employer Pass Tax Saving Ticket.
At a time of rising costs and high petrol and parking charges, the Employer Pass Programme from Bus Éireann enables companies to help employees substantially reduce their travel costs.
Under the Bus Éireann Employer Pass Programme, employers can purchase monthly and annual bus tickets on behalf of their employees with the cost of the ticket deducted from the employees’ weekly or monthly salary. Employers who take part in the programme benefit from a PRSI saving of up to 10.75 per cent.
Since Employer Pass Tickets are not subject to tax or PRSI, if the employee is paying the top rate of tax, 41 per cent, then this, along with the six per cent they pay in PRSI, is deducted from the cost of the ticket giving a total saving of 47 per cent. If the employee is on the lower tax band, i.e. 20 per cent, then they will achieve a saving of up to 26 per cent (20 per cent tax, six per cent PRSI) on the cost of their Bus Éireann monthly or annual ticket.
For example, an employee whose annual Bus Éireann ticket usually costs €1,440 would benefit from savings of between €370 and €670 on their tax and PRSI payments depending on their tax status.
In addition, employees who use an annual Employer Pass Tax Saving Ticket also receive a month of free travel i.e. they only pay the fare for 48 weeks of travel.
“The Employer Pass Ticket provides commuters with an excellent opportunity to potentially save themselves hundreds of euro. While people who switch from the car to the bus for getting to work benefit from even greater savings through reduced fuel bills and parking charges,” said Andrew McLindon, Media and PR Manager, Bus Éireann.
Other benefits from employees using the Employer Pass Ticket are:
- Journeys are cheaper using pre-paid tickets than with cash
- Less queuing with a pre-paid ticket
- Unlimited point-to-point travel
- The convenience of receiving travel passes in the workplace.
Employers also benefit from adopting the Employer Pass Ticket scheme. Not only can they make PRSI savings of up to 10.75 per cent of the total ticket cost for all employees, but the scheme is a low cost employee benefit, can be used as a recruiting tool, and can help up free up and/or reduce the cost of parking spaces.
Employers can register for the Employer Pass Ticket Scheme at www.buseireann.ie.
Adoption of the Employer Pass Ticket Programme by employers and employees also has a number of community benefits. It can help reduce traffic congestion by encouraging people to switch from the car to the bus and this has the added benefit of lowering carbon emissions.
Employer Pass Tickets are valid for unlimited travel between two designated points on the Bus Éireann network. The Employer Pass Ticket Programe can be joined at any time of the year.
Further information on the Employer Pass Ticket Programme is available from 01 703 3435 or e-mail firstname.lastname@example.org. Tax briefings are available at www.revenue.ie.
Monday, 24th November, 2008