Octopus EV and Mastercard partner over salary sacrifice scheme

Octopus Electric Vehicles is teaming up with Mastercard to enable small businesses to benefit from its salary sacrifice scheme, helping businesses and employees switch to greener vehicles.

Small businesses cardholders, through the Mastercard Business Bonus programme, can sign up to Octopus EV’s salary sacrifice scheme which offers their employees an extra £100 charging credit when ordering an electric car.

Salary sacrifice allows employees to lease new or almost new EVs by sacrificing part of their pre-tax salary, which unlocks savings of up to 40 per cent on monthly car costs. This is currently the cheapest way to get an EV, while also helping businesses reduce their carbon footprint and offering an attractive employee benefit.

Over the last four years, Octopus has helped over 6,000 companies launch EV salary sacrifice schemes, including Jacobs Douwe Egberts and TPX Impact.

Fiona Howarth, founder of Octopus Electric Vehicles, commented: “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.”

Darren Deal, senior vice president, fintech, government and digital partnerships at Mastercard, 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, tailored, solutions that help businesses grow, and this is a prime example of that.”