Standard Chartered Launches New UK Employee Electric and Hybrid Vehicle Benefit Scheme

Source: www.gulfoilandgas.com 10/2/2023, Location: Europe

Standard Chartered has introduced an Electric and plug-in Hybrid Vehicle Salary Sacrifice Scheme for all UK-based employees. The new employee benefit provides over 2,500 staff access to a range of plug-in hybrid and electric vehicles emitting less than 75 grams of CO2 per kilometre travelled, categorised as Ultra Low Emissions Vehicles (ULEVs). It is being delivered in partnership with salary sacrifice specialists, Tusker.

Employees sacrifice part of their gross salary before tax through fixed monthly payments, therefore receiving Income Tax and National Insurance savings. The benefit also comprises fully comprehensive motor insurance, servicing, routine maintenance and repairs, breakdown cover and MOTs.

This initiative supports the Bank’s sustainability agenda and encourages Standard Chartered colleagues and their families to take their own action against climate change.

Julie Everitt, Head of HR for Europe and Americas at Standard Chartered Bank, said: “Climate change is by far the greatest challenge facing the world today and the launch of our new Electric and Hybrid Vehicle Salary Sacrifice Scheme is another step forward in making a positive difference to sustainability. The employee benefit helps our UK colleagues to improve their own environmental impact and supports the Bank’s commitment to reaching net zero carbon emissions in our own operations by 2025.”

Paul Gilshan, CEO at Tusker, said: “We’re pleased to be supporting Standard Chartered in meeting their sustainability targets, helping employees move into cleaner, greener vehicles. The car scheme offers the opportunity to drive an electric or low emission car as part of a complete motoring package, for an affordable, fixed monthly amount.

The Bank already offers up to three days (21 hours) paid leave per year for volunteering, which can include climate change related causes. Additionally, employees can donate to environmental charities through the Bank’s Give As You Earn programme, with the Bank matching £500 a month.

Furthermore, the Scheme complements existing benefits, such as train ticket season loans to promote use of public transport and a Cycle to Work loan scheme (including electric bikes), which help employees to reduce their individual carbon footprint.


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