Small Benefit Exemption Increased to €1,000
The cost-saving way to reward loyal employees
Recent research* carried out by One4all echoes recent media coverage, demonstrating how the cost of living is very much top of mind in the Irish psyche. Results show 55% of people said they are highly impacted with the rising costs of living in Ireland, with 53% worried they won’t be able to pay for gas, oil, or electricity bills.
Interestingly, 51% are changing their food shopping habits to help with paying utility bills, and 82% said they would use a gift card to pay for utility bills if it were an option.
As we move into the winter months, it’s the perfect time to start thinking about how to optimise your employee engagement strategy as employees continue to go the extra mile to achieve business objectives after yet another extraordinary year. Showing appreciation for their efforts with rewards and recognition is crucial in maintaining high levels of satisfaction, motivation, and productivity.
€1,000 TAX FREE As a business owner, did you know that you can now gift an employee up to €1,000 tax-free?
As a business owner, you can now gift an employee up to €1,000 tax-free, after finance minister Paschal Donohoe announced in Budget 2023 that the Small Benefit Exemption is increasing from €500 to €1,000. Businesses can now reward employees up to €1,000 per annum in One4all Gift Cards, free of tax, PRSI and USC charges, saving up to €1,313.54^. The maximum reward of €1,000 can be split across two payments in one financial year.
Terry Spence, Director of Sales for One4all Rewards, says: “Our latest research highlights the serious impact of the current economic climate on employees. There is a huge opportunity for employers to reduce their own costs by utilising the Small Benefit Exemption. Their staff can also reap the rewards of the full value of their bonus without having any tax applied. This means an employer can save up to €1,313.54^ per employee. This is a huge boost for employers, employees and the Irish economy.”
PERSONALISED MESSAGE
The popular One4all Gift Card can be loaded from €15 to €150, and its digital counterpart can be tailored with a personalised video message from you on behalf of your business or customised with a photo of your company logo. The Gift Card can then be easily sent by text or email.
For higher value loads over €150, the One4all Chip & PIN option is available in physical, or digital reloadable format. EU Directives to protect Irish consumers means anonymous gift cards with a load value of over €150 currently require a simple photo verification process to help protect Irish consumers against online fraud.
Employees who received a Chip & PIN Gift Card last year benefit from previous photo verification through our technology partners, ID Pal, meaning the ID process is still valid, for a period of up to four years from initial verification.
For more information, email corpsales@one4all.ie or visit www.one4allrewards.ie to place your order today.
*Source: Blackhawk Network research carried out with a panel of 1,007 participants aged 18-65 in June 2022.
^Figure of €1,313.54 is based on giving €1,000 net to an employee on the 40% tax band paying full PRSI and USC. The maximum reward of €1,000 can be split across two payments in one financial year.