‘Everyone with an employee contract can make use of the Optional Model,’ said Ireen Miessen, Policy Advisor on Employment Conditions in Human Resources. ‘It’s a kind of a barter system where you can exchange certain employee conditions for others, so that the final package best suits your needs.’
Nicole Georgie, who hopes to receive her PhD in tissue engineering next year, bought a bicycle a year ago. ‘I appreciated this opportunity,’ she said. ‘It’s a great benefit and cycling helps keep me in shape.’
The idea allows you to trade up to 76 holiday hours for funds to buy a bicycle. Each hour is worth .704% of your monthly salary and you can trade up to €749 for purchasing a bicycle and up to €139 for insurance. After trading in these hours, you receive a voucher that you can use at one of the 49 approved dealers in Twente to buy your new bicycle. The only catch is that you use the bicycle for commuter travel, but there is no minimum distance.
If you don’t choose to give up holiday hours, you can put in part of your salary, holiday allowance or year-end bonus for a bicycle. These all result in a tax advantage.
The bicycle option is available once every three years and you must have at least 11 months of employment left to apply. Meanwhile, even if you don’t buy a new bicycle, you can receive the option of maintaining your bicycle for a fixed tax-free contribution of €82 every year. This means when you select this option—provided you ride your bike to work— instead of being taxed on €82 at 42% you keep that tax money and instantly earn €34.44.
On top of these advantages, you can earn money for your commute, even if you travel by bicycle. You only need to live more than one kilometer from work (UT campus or ITC) and commute more than once per week. You can either earn .19 cents per kilometer or if you travel by public transport, receive your actual travel expenses, whichever is of greater benefit to your pocketbook.
Options are available the moment you start working for the UT and must be selected by the deadline of 30 September. But choose carefully, as all choices are final.
‘Just the form can be a bit overwhelming,’ Georgi said. ‘There are a lot of options and you may need help filling out the online forms. You also need to decide how much you want to spend and exactly what you want, because once you fill it out and submit the form, there’s no going back.’
‘If you need help with the form,’ Miessen said, ‘you can always contact Erwin Reudink at X1132.’
For more general information on the Options Model, see: tinyurl.com/65ljmrm and for information on the bicycle option, see: tinyurl.com/5socv5h
Catherine Ann Lombard
