What your employer will receive
I was recently looking for ways to help me save money on getting to work since transit fares keep going up, and the cost of gas and parking are simply ridiculous in the city. Neither option seems all that affordable, and my budget is already pretty tight.
In my research, I found that there are actually benefits that employees can get that will help reduce the cost of their commute by as much as 40%. For many of us, that extra money would go a long way. Unfortunately, I can’t get the benefit on my own. It has to come through you, the employer.
The good news is, it looks like it doesn’t cost that much and that you would receive some savings, too (I believe around 8% in payroll taxes). So, it kind of sounds like a win-win situation to me.
From what I can gather, the whole savings thing has something to do with using tax-free money to pay for our commuting costs. And since we would be reducing the amount of taxable income we receive, you wouldn’t have to pay as much in payroll taxes.
The company that I came across is called Edenred Commuter Benefit Solutions. I saw that they had a bunch of different programs available with tons and tons of commuting options.
Seemed interesting and important enough to share…