Some employees can save money via SAYE (Save As You Earn) to purchase discounted shares in their employer.
SAYE schemes generally operate on a saving basis regular deductions via pay into a savings scheme via an approved organisation for the period of 3 or 5 years. on maturity the employee can either cash the saving in or exercise an option to purchase the discounted share stock.
Both the 3 year and 5 year rates for SAYE Share Option Schemes will change on the 15th day following a change in the Bank of England Bank Rate, as set out in the SAYE bonus rates automatic mechanism.
Employees who are already saving under existing SAYE contracts are not affected by these rate changes.
The bonus rates and early leaver rates with their effective dates for SAYE Share Option Schemes are:
For more information on SAYE schemes see:
PAYadvice.UK 20/8/2024
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