Employees can select to participate in the salary sacrifice Cyclescheme (formerly ‘Bikes4Work’) via the MyLife [VMware network access required] benefits portal. The benefit is available to select all year round however under Revenue Commissioner rules, you can only participate once every 4 years.
This scheme allows you to purchase a bike and qualifying equipment and VMware will recover the costs from you over 12 monthly payrolls.
Important: You should to do your market research and check directly with the propesctive retailer that they will accept the Cyclescheme before making the selection in MyLife [VMware network access required] so that you select the right amount you need to make your purchase. Once you have selected the benefit you have entered into a 12 month commitment and the benefit cannot be un-selected and the provider will not issue a refund and your payroll deductions cannot be refunded. You should check the expiry date of the voucher as refunds won’t be processed if you go beyond the expiry date.
All regular full time and part time employees who are employed by VMware and who have not participated in the scheme in the previous 4 years.
You may choose a bike and eligible equipment up to a maximum value of €1,250 for a manual bike or €1,500 for an electric bike. Cyclescheme will provide you with an e-voucher to redeem against your purchase at the retailer.
You will be able to choose the value of the Cyclescheme voucher via the MyLife [VMware network access required] portal. The cost of the e-voucher will be deducted from your payroll via salary sacrifice in equal installments across 12 months.
The benefit is available to select each month. In order to receive the e-voucher and have your deductions start from a particular month, please ensure you select the benefit before payroll cut off (10th of the month). If you select the benefit after the 10th of the month, the provider will not receive the report until the 10th of the following month and your deductions will commence from the next payroll period. Typically it will take 2-3 weeks from payroll cut off (10th month) for the electronic voucher to be dispatched to you.
The benefit ends 12 months after you select the benefit or on your last day of employment with VMware whichever is the sooner.
If you leave before the end of the 12 month period, you must pay VMware the balance of the amount of the 12 month deductions still to pay and this will be deducted from your final payroll.
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Last Updated: 4 Aug 2022, 3:37 PM