Octopus EV is teaming up with Mastercard to enable small businesses to benefit from its salary sacrifice scheme, which helps businesses and employees switch to electric vehicles.
Through the Mastercard Business Bonus programme, small business cardholders can sign up to Octopus EV’s innovative salary sacrifice scheme and offer their employees an additional £100 charging credit when ordering an electric car.
Salary sacrifice allows employees to lease new or nearly new EVs by sacrificing part of their pre-tax salary, unlocking savings of up to 40% on monthly car costs.
This is currently the cheapest way to get an EV, while also helping businesses reduce their carbon footprint and offering an attractive employee benefit.
Fiona Howarth, Founder of Octopus Electric Vehicles, commented:
“Salary sacrifice remains the cheapest way to drive a new EV. And the benefits are not just for drivers, but for their employers too.
“Companies can cut their emissions, retain staff and save money. By partnering with Mastercard, more businesses, of all sizes, can discover one of the most attractive employee benefits around right now.”
The partnership strengthens Mastercard’s ongoing commitment to support UK businesses, while Octopus continues to help more UK drivers make the switch to cleaner, cheaper driving.
These schemes not only help reduce emissions but also boost employee recruitment and retention, with 75% of employees ranking financial savings as their top priority in employee benefits.
Darren Deal, Senior Vice President, Fintech, Government and Digital Partnerships at Mastercard, said:
“It’s great to team up with Octopus EV to help our small business cardholders access more sustainable travel alternatives. Through our Business Bonus programme, Mastercard collaborates with trusted partners to deliver innovative, tailored, solutions that help businesses grow, and this is a prime example of that.”
In just four years, Octopus has helped over 6,000 companies – including PepsiCo, Jacobs Douwe Egberts and TPX Impact – launch EV salary sacrifice schemes.
In addition, charging on Octopus Energy’s smart EV tariff, Intelligent Octopus Go, can save drivers up to £700 a year compared to diesel and petrol costs.
Britain’s stellar EV growth – now the number one EV market in Europe – has been helped by government incentives, notably salary sacrifice and low Benefit in Kind (BiK) taxation rates, alongside the Zero Emissions Mandate (ZEV).
Almost all (96%) EV drivers are happy with their vehicles and say it is likely their next car will also be electric, shows research commissioned by Octopus Electric Vehicles from Opinion Matters5.
You can find out more information about Octopus EV’s salary sacrifice scheme here.
