Octopus Electric Vehicles has partnered with Mastercard to offer its electric vehicle (EV) salary sacrifice scheme to employees of small businesses.
The collaboration allows small business cardholders within the Mastercard Business Bonus programme to offer their staff an additional £100 charging credit when they opt for an electric car lease.
Go deeper with GlobalData
The salary sacrifice scheme is designed to make the leasing of EVs more affordable for employees.
According to a press release, employees can save up to 40% on their monthly car expenses by allocating a portion of their pre-tax salary towards leasing an EV.
Charging an EV using Octopus Energy’s Intelligent Octopus Go tariff could yield further financial benefits, with potential annual savings when compared to traditional fuel costs.
A salary sacrifice scheme is said to be the “cheapest way” presently to adopt EVs while enabling businesses to reduce their carbon footprint and offer employee benefits.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataOctopus Electric Vehicles founder Fiona Howarth said: “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.”
Mastercard fintech, government and digital partnerships senior vice president Darren Deal 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 and tailored solutions that help businesses grow, and this is a prime example of that.”
Within four years, Octopus is said to have enabled more than 6,000 companies such as PepsiCo, Jacobs Douwe Egberts, and TPX Impact to implement EV salary sacrifice schemes.
In February, Octopus Electric Vehicles partnered with Dealer Auction to create a digital marketplace for pre-owned EVs.
