What is a season ticket loan scheme?
The basics: Season tickets, annual passes, etc., are often more cost-effective than purchasing individual journey tickets, but can be an expensive upfront cost. Employers can agree to pay the upfront cost on behalf of their employee so that the employee benefits from the reduced overall cost as part of a season ticket loan scheme - this can be an enticing employee benefit where office working is required some (or all) of the time.
What does this employee travel loan agreement template cover?
Make sure it is in writing: This employee travel loan agreement template can be used to document your season ticket loan scheme. It sets out how and when the employee will repay the loan to their employer (e.g. by confirming that the employer can deduct a percentage directly from their salary each month, to repay the loan in equal, recurring instalments).
Protect yourself if an employee leaves: This employee travel loan agreement template also includes provisions that set out what happens if the employee's employment comes to an end before the season ticket loan has been repaid, and what happens if the employee's salary is no longer high enough to repay the travel loan.
Why Docue?
Dynamic and customisable: Docue's cutting-edge technology and lawyer-drafted content make it simple to create, customise, e-sign, store and manage your documents - all in one place. You can easily tailor your employee travel loan agreement to suit your business's specific needs using Docue's unique technology.
Full contract process: Signatures can be collected electronically, and all contracts you make are securely saved in your company's own contract account, Docue Drive.
Affordable: At Docue, we believe in transparent and cost-effective pricing without any hidden fees. You can check out our pricing here.
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