Buy and sell holidays
What is Buy and sell holiday?
We all have different holiday requirements — some people are happy with the standard amount, others never use their full allowance, and some people would love the option to top up their holiday allowance. With buy & sell holidays, employees can do what works for them!
This salary sacrifice scheme works by deducting the amount that a day's holiday would cost to buy from the employee's gross salary if they want to top up their holiday allowance. Similarly, if an employee sells some of their holidays, the amount will be added to their pay packet!
Why should you offer buy and sell holidays?
Benefits to employees:
- Employees will either get more holidays or more money in their pocket!
- This is a salary exchange scheme which means they'll save money on National Insurance and tax.
- Increased flexibility if they run out of holiday allowance.
Benefits to you:
- Happier employees! 92% of employees report a noticeable decline in stress & worries immediately after taking a holiday. More holidays = less stress.
- No cost to you as this is a salary exchange benefit, and so any costs are taken/added to the employee's gross pay.
Find out more about the importance of taking holidays for employees here!