The costs of commuting by rail as opposed to commuting by car can save Tullamore commuters up to 85% or €9,290 per annum.
That’s according to figures revealed by Iarnród Éireann whihc have compared the new cost of an annual taxsaver rail ticket with motoring costs, based on the AA Routeplanner fuel costs, tolls and parking.
The figures reveal that the new cost of a Tullamore to Dublin annual commuter rail ticket from December is €3,260. With tax relief of up to 52% this reduces to €1,564.80 per annum. This translates to as little as €6.20 per day for a 101 kilometre journey each way.
The Iarnrod Eireann figures calculate that for road commuters the total cost including fuel, tolls and parking is €10,855 per annum. By opting to commute using the Taxsaver scheme commuters can save as much as €9,290 by walking or cycling to the station or €8,930 by parking at the station. The figures claim that even road commuters with free workplace parking are paying €7,791 per annum more than their rail counterparts.
These figures are based on a customer commuting 250 days of the year. Furthermore, all Tullamore Commuter trains now have free WiFi on board allowing commuters to use their commuting time productively.
The TaxSaver Commuter Ticket scheme is a facility for employees and employers to make massive savings on their tax bill. All employees and company directors are eligible to participate.
The many benefits of the tax saver scheme include: Staff can save up to 52% of travel costs through tax and PRSI and universal social charge savings; Employers can save up to 10.75% on PRSI; Convenience of not having to queue for a ticket; Commuter tickets are significantly cheaper than single or return cash fares; Taxsaver members zone offers discounts on rail travel, car insurance, tourist attractions etc; Tickets may be purchased from the start of any month throughout the year; Easy on-line ordering system for employers; Customer focused Taxsaver team to assist with any queries
Employees receive tickets either as part of their salary package (salary sacrifice), in lieu of an annual cash bonus, or as a benefit-in-kind. Savings arise because tickets are not subject to tax or PRSI. Employees only have to pay tax and PRSI on the “money” portion of their salary. Employer PRSI is also calculated on the “money” portion of the employee’s salary.
A savings calculator is available at www.taxsaver.ie.