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Software: 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 benefits include childcare vouchers, cycle schemes, travel, subsistence allowances and others.

The salary sacrifice capabilities in Opera 3 Payroll & HR also mean that instead of manually entering data into a spreadsheet every month, the process is completely automated and calculates everything for us, saving even more time. It truly is a win-win – my only regret is that we didn’t deploy the solution sooner!

Jakki Hill, Houlder

  • Key benefits of salary sacrifice in Opera 3 Payroll

    • 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 on 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
  • Salary sacrifice (available in Opera 3 as standard)

    Opera 3 Payroll fully caters for salary sacrifice as standard. It calculates percentage based pension contributions and includes them within associated pension files and reports.

    Key benefits of salary sacrifice in Opera 3 Payroll:

    • Handles both pension based and non-pension based salary sacrifices (childcare vouchers and cycle schemes)
    • Quick and simple to setup
    • For ease, a pension salary sacrifice can be based on a defined value or a percentage
    • Prints onto employee payslips
    • Pension salary sacrifice values are shown on the employee/history form
    • For pension salary sacrifice, the employer’s NI saving can be added to the pension contribution

    Watch our product demo to see it in action!


Downloads Available

Salary sacrifice data sheet