Saving money is awesome and it’s even better when it comes to your commute. Did you know the IRS sets a pre-tax limit every year so your employees can put aside the funds to get to and from work? And it just increased the limit for 2024!
On November 9, 2023, the IRS announced that employees who use commuter benefits can now spend up to $315 per month tax-free starting on January 1st, 2024. That’s $15 more each month in tax-free dollars (up from $300 per month in 2023) that your employees can dedicate to the cost of taking the subway, bus, train, rideshares, trolleys, light rails, water taxis, ferries, and traditional vanpools. It can even be used to cover the cost of parking.
If you’ve been thinking about adding a commuter benefits program – this is your chance to do so!
Put $315 in pre-tax dollars back in your employees’ pockets
Let’s face it, nothing comes cheap. You notice it everywhere you go. With more Americans being anxious about their finances, a bump of $15 more per month in commuter benefits would be helpful to your employees. The more your employees save, the more they can spend on the necessities they need to live a happy, healthy life.
So how much exactly would your employees pay? If your employees were to allocate a commuter benefits program, they could save an average of $700 per year.
Employers save money too
Employers have a reason to be happy as well. Not only are your employees saving money, but so are you.
Your company can save 7.65% on payroll taxes and an average of $40 per month for each participating employee when you add a commuter benefits program. A company with 50 employees can save over $24,000 annually.
Get started with Edenred
Now, employees can’t get in on the savings without the support of their employer. What’s not to love about adding commuter benefits? Everyone saves, and everyone wins.
Take advantage of the rise in monthly benefits, by starting your own program today! Partnering with Edenred means you’ll receive a quality commuter benefits program containing competitive pricing, full compliance with IRS regulations, easy online administration, in-house customer service, direct employee delivery, and a simple sign-up process.
Join over 10,000 companies such as Amazon, The City of New York, Harvard University, Intuit, and more that are already working with us!
Schedule a meeting with us today so we can discuss the best options for you and your employees as well as help you get started.