What is Workride?

SAVINGS ESTIMATOR

EXAMPLE OF HOW IT WORKS

Workride operates on a "salary sacrifice" model, where employees opt to reduce their pre-tax salary to lease a bike or scooter. In addition to the tax savings, a small proportion of other contributions like student loans or KiwiSaver may also be redirected towards the ride, depending on its value. At the end of the lease term, employees have the option to take ownership of the ride.

For example, an employee with a $80,000 salary chooses a bike valued at $6380, but it’s on sale in-store at $5200. Through Workride, they sacrifice $100 pre-tax and their weekly take-home pay impact is only reduced by $49, totalling an annual net contribution of only $2572 towards the ride. Thus, making their new salary $74,800. This arrangement benefits both the employee and employer, offering tax savings and financial flexibility.

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