How
Workride
works
Workride
works
Workride is a free benefit scheme in which employees can benefit from a 32-63% cost offset on the sale price of a new bike, e-bike or scooter using tax exemptions. Staff get to choose any bike, e-bike or scooter for their commute from approved stores across New Zealand.
Choose Your New Bike
Select any new commuter bike in-store or online.
Pick Up Your New Bike
After you apply, Workride and your employer will review the application and process the payment. Workride then send you a pick up code for instore collection.
Ride & Save
Over a 12-month period, you can use the new ride while the salary sacrifice effectively reimburses your employer in full.
With Workride employees reduce their tax bill through a combination of PAYE and ACC levy.
Keep Or Return
As your 12-month lease with WorkRide concludes, you're presented with two straightforward options, both at no additional cost:
- Keep the Ride: Opt to lock in the savings by accepting the ride as a free gift from WorkRide, making it officially yours. The majority of our riders choose this option, enjoying a significant reduction from the initial value.
- Return the Ride: If you decide it's not for you, simply return it to one of our designated locations.
How Do You Save?
Workride operates on a "salary sacrifice" model, where employees can exchange part of their pre-tax salary for a chosen ride.
Over 12-months employees will have reduced take-home pay while they effectively reimburse the cost to employers.
Worked Example
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 Trek Powerfly FS 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. This arrangement benefits both the employee and employer, offering tax savings and financial flexibility.
Ready to enhance your commuting experience?
Contact us today for personalized solutions and additional details