First year of ULMAPLUS, the ULMA Group flexible remuneration scheme — ULMA Begira
Ulma Group

First year of ULMAPLUS, the ULMA Group flexible remuneration scheme

The ULMAPLUS initiative, a measure incorporated in the social benefits policy implemented at the ULMA Group, was started up last year.
First year of ULMAPLUS, the ULMA Group flexible remuneration scheme
Mar 28, 2014

This initiative came about in a context where all the different members of the ULMA Group are making a great remunerative effort. It was presented as a means to partially alleviate the impact of these adjustments.

The ULMAPLUS Programme enables part of the monetary remuneration to be replaced by a salary paid in kind via contracting of income tax exempt products or services, chosen voluntarily by each partner/employee as per his/her preferences and individual needs.

Since the value of these products or services are income tax free pursuant to limits set by law, the saving is double. Furthermore, as monetary remuneration is decreased on contracting them, the income tax rate may also be lower.

ULMAPLUS services and products with tax advantages include accident insurance, training, creche service, improvement in the current lunch voucher system or computer equipment purchasing.

Medical insurance is another service that can be contracted, although it will be unavailable in the Basque Autonomous Community in 2014, since the tax exemption was eliminated by the Provincial Councils.

A total of 238 worker-members and employers joined the ULMAPLUS Flexible Remuneration Scheme last year.

With a view to the next tax year, the scheme will be evaluated to decide its renewal in May.