Reward your people: approved profit sharing schemes
What is an approved profit sharing scheme (APSS)?
In a benefits landscape where few tax incentives remain, motivating and rewarding your people has become increasingly challenging. If your company is publicly quoted and you offer employees a bonus scheme, one attractive option is an approved profit sharing scheme. An APSS can help you reward your people while creating tax efficiencies for both you and your employees. In addition is it a great tool to assist in retaining and attracting key talent to your business.
Approved profit share schemes have become hugely popular in Ireland. They benefit employees by allowing them to save income tax at their top rate i.e. 20%/40% on all amounts invested. Employers also benefit by saving 11.05% on employer’s PRSI. This saving can in some cases cover the cost of running the scheme.
How can Mercer help you with your approved profit sharing scheme?
Mercer provides a full APSS service solution that supports you and your employees every step of the way. Our experts can help you develop the business case, design and initiate the scheme, deliver all day-to-day administration services and provide trusteeship services through our sister company Irish Pensions Trust Limited*.
Our skilled and experienced team provides you with services including:
- Share option consulting and advice
- Share option implementation
- Employee communications
- Ongoing administration
- Online enrolment
- Scheme trusteeship