Company cars take backseat
Tue 6 May 2008
02/05/2008
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More employers now offer cash as an alternative to company cars, research by Watson Wyatt has found. Its 2008 Company Car/Cash Allowance Report, revealed 46 per cent of employers offer the choice between car and cash and 74 per cent offer either cash instead of or as an alternative choice. "Defining the best possible car strategy is an important challenge for many employers and our survey shows that the business of providing either cars or cash allowances as an alternative is attracting more and more attention across Europe, Middle East & Africa," said Anne Severeyns, senior consultant. The study showed the UK is leading the drive to provide options to the normal car benefits packages offered by seven out of ten employers in Belgium, Greece, Italy, Portugal and most central and eastern European countries. Ms Severeyns noted firms were adopting pan-European company car strategies "while employees in these countries may be offered a cash alternative, the majority will still go for the car because of tax efficiency". The Department for Transport recently announced that 2.5 per cent of all road fuels will be sourced from biofuels, which it claimed would reduce carbon emissions.
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