What you need to know
You’ve got wheels! PayPal is pleased to participate in the government’s scheme that allows the company to provide cycles and safety equipment to employees like you — as a tax-free benefit!
Overview
Cyclescheme can save you at least 25% on a bike and accessories. You pay nothing up front, and the payments are taken tax-efficiently from your salary by PayPal. You choose a bike, hire it for an agreed length of time, then purchase it for a fraction of its original value.
Who’s eligible?
All regular employees and fixed-term contractors (whose contracts are a minimum of 12 months) are eligible for this benefit.
To participate in the scheme, you must receive your salary via Pay As You Earn (PAYE) and be a working adult age 16 or older. Your earnings should be more than the National Living Wage (NLW) or National Minimum Wage (NMW) after the salary sacrifice is taken from your gross salary.
Being on probation does not affect your eligibility.
How do I apply?
Follow the instructions provided on HR Hub (only accessible to PayPal employees).
What happens at the end of my hire agreement?
Cyclescheme will contact you regarding three different ownership options at the end of your hire agreement. Refer to the end of hire FAQs on the Cyclescheme site.
What happens if I leave PayPal?
You’ll be required to pay the remainder of your payments for the items you’ve purchased via Cyclescheme. This will be deducted from your final payslip.
Where do I go if I have a question?
If you have any questions about this programme, contact Employee Central from the HR Hub by clicking the green Contact Us icon, then Submit a Ticket.
For details, refer to the Cyclescheme FAQs. You can also phone them on 0344 879 5101 or visit Cyclescheme.