DRIVING A NEW ERA IN LOW COST AND GREEN EMPLOYEE BENEFITS
An innovative employee benefit that saves both employer and employee money and protects the environment
LONDON, May 29, 2012 - Zipcar, Inc. (Nasdaq: ZIP), the world’s leading car sharing network, is launching an innovative, easy-to-use salary sacrifice scheme that saves money for both companies and employees, whilst protecting the environment by replacing traditional car ownership.
Zipcar offers access to a range of low-carbon vehicles on a pay-as-you-go basis, for anything from one hour to a week at a time, and with Zipcar’s Salary Sacrifice scheme, employees can exchange a specified amount of their pre-tax salary each month for Ziptime, blocks of driving time to make reservations.
With Zipcar’s Salary Sacrifice scheme, an employee can realise savings against both a privately owned car and standard Zipcar membership. Zipcar members already benefit from significant savings versus car ownership. This scheme represents amazing value and via Salary Sacrifice, members can benefit from even greater savings: 24% compared to the average Zipcar member.*
The benefits to companies offering Zipcar’s Salary Sacrifice scheme are both financial and environmental. Companies can gain from reducing their Employer’s NI contributions; and all Zipcar vehicles offered as part of the scheme are low-emission, so they also complement corporate social responsibility policies. Current low-emission models in the fleet include: the VW Polo, VW Golf, BMW 1 Series, BMW 3 Series and Audi A3.
Mark Walker, general manager, Zipcar UK says, "Zipcar’s Salary Sacrifice scheme marks an exciting new era in employee benefits; a tangible benefit which combines all the advantages of a salary sacrifice car scheme with the economic and green benefits of car club membership.
"In the current economic climate, more and more drivers are looking for low cost, hassle-free alternatives to private car ownership, which is why Zipcar’s Salary Sacrifice scheme makes an attractive incentive for companies to offer staff, particularly as it involves no additional investment. All these factors make Zipcar’s Salary Sacrifice scheme a smart incentive for both employers and employees."
As part of Zipcar’s Salary Sacrifice scheme, the annual £60 membership fee is waived, and employees exchange a portion of their pre-tax salary for a number of 5 hour blocks of Ziptime. Each 5 hour block of Ziptime is valid for 6 months from its issue date and multiple blocks can be used to make longer reservations.
Reservations can be made via the Zipcar iPhone and Android apps, online or over the phone. With over 1,500 vehicles at convenient locations across London, Bristol, Cambridge and Oxford, reservations can be made instantly on a flexible, self-service basis, whether it’s during the week for work (and expensed), or in the evenings and at the weekend for leisure.
For more information about Zipcar’s Salary Sacrifice scheme, and to find out how your company can sign-up visit http://zipcar.co.uk/business/ukbenefits, or call the business team on 020 3004 7830.
Notes to editor
How Ziptime works
- Members exchange part of their pre-tax salary for 5 hour blocks of Ziptime. They must commit to receiving an agreed number of 5 hour blocks every month, for 12 months. Membership fee is waived.
- Each block of Ziptime can be used for a reservation of up to 5 hours and is valid for 6 months from its issue date. Multiple blocks can be used to make longer reservations. Two blocks can be combined for a 24 hour reservation.
- Members enrolled in Zipcar’s Salary Sacrifice scheme can drive in any of Zipcar’s low emissions vehicles, including: VW Polo, VW Golf, BMW 1 Series, BMW 3 Series and Audi A3.
- Miles are charged at 21p per mile.
*Calculations are available on request
In the UK, Zipcar operates in London, Bristol, Cambridge and Oxford. In London, there are over 1,700 vehicles available for use at convenient locations across the Capital. Standard members benefit from: 40 miles of fuel, insurance, maintenance, roadside assistance, road tax and the Congestion Charge all included. Zipcar offers 11 makes and models of self-service vehicles by the hour or day to residents and businesses looking for an alternative to the high costs and hassles of owning a car. More information is available at www.zipcar.co.uk.
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