90,000 bicycles have been purchased through the Cycle to Work scheme since it launched in 2009, according to a report by the Irish Bicycle Business Association.
The report, which is the first to look at the impact of the scheme, also estimates that 50 new bicycle shops have been established and 767 jobs preserved or created as a result of the programme.
Besides its direct economic impact the report also says the scheme also gave a boost to the tourism industry, with the amount of cycling tours and events registered since 2009 increasing by an estimated 50%.
The Cycle to Work scheme, which was announced in the November 2008 Budget, allows employers to buy a bike for employees and recover the cost from their pre-tax salary over the next 12 months.
The benefit is not subject to benefit-in-kind taxation and employees can save up to 52% of the cost of the bike, while employers save 10.75% in employer’s PRSI.
The IBBA report suggests that insurance be available to purchase under the scheme too, while it also supports the National Cycle Police Framework and Smarter Travel recommendations that per capita funding for cycling is increased to match that of other European countries.
