igroup introduces Cycle to Work Scheme

27th August 2019

igroup have signed up to the Cycle to Work scheme, offering a saving of up to 42 percent off the cost of a bike to our employees.

The scheme involves an employer first purchasing a bike on the employee’s behalf, before lending it to them on a hire agreement. Monthly repayments are deducted from the employee’s gross salary before tax and national insurance is paid.

The cycle to work scheme offers employers and employees a raft of benefits including fitter, healthier staff leading to increased productivity; improved attendance as cycling has a positive effect on emotional and mental health and saving organisations 13.8% of the total value of salary sacrifice.

It is no secret that there are many benefits to cycling. A major study released in 2017 proved that cycling reduced incidences of cancer by 45% and heart disease by 46%. The study also highlighted that once taken up, cycling is easier to stick to, requiring less willpower than other types of exercise.

A further benefit of cycling to work is the dramatic impact it can have on mental wellbeing. With workplace stress and anxiety on the rise, boosting our ability to cope with them is critical for our long- term mental wellbeing.

Ben Charlton, Technical Account Manager commented, “I have recently purchased a bike using the scheme and am enjoying the health benefits from cycling. This made it affordable for me as the cost was broken down into small monthly payments.”

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