The Cycle to Work Scheme has resulted in a sharp increase in the the sales of bicycles.
Introduced in January, The Cycle to Work Scheme allows employees to claim tax relief on the cost of a bicycle and accessories up to the value of €1,000.
Graham MacGarry is one of 114 Vodafone employees who have availed of the initiative. Three days a week, he makes the 50km round trip from Delgany in County Wicklow to work in Leopardstown.
A bit of fitness and doing a little bit for the environment.
The Cycle To Work Scheme allowed Graham MacGarry to buy a new bike his 25 km journey each way takes him about an hour. Ten per cent of Vodafone staff have availed of the scheme and two-thirds of them are new to cycling.
There are still no figures available for the overall uptake of the scheme in public and private sectors. However, if demand at bicycle shops is anything to go by, the scheme is proving to be a big success.
Retailers say many customers are spending close to the €1,000 cap on the scheme. Darren McDonagh of Think Bike, says the most popular bike is priced at around €560. Many buyers are also buying accessories bringing the average spend up to between €800 and €1,000.
Biketowork.ie is one of the companies that organises the purchase of bikes for employers and says that the incentive is causing a surge in bicycle sales. James Leahy, of Biketowork.ie, says that many bikes are selling out quickly which corresponds to a trend in cycling popularity.
An RTÉ News report broadcast on 22 August 2009. The reporter is Mary Calpin.
