Medicash Wins Gold

Health insurer Medicash has been awarded with a Gold standard for its commitment to philanthropy and dedication to the local community.

The award was announced by Home Secretary Charles Clarke, who cited the Liverpool-based company's commitment to payroll giving and its dedication to good causes within the local community.

The new Payroll Giving Quality Mark Scheme aims to encourage employers to make the process of Payroll Giving - a tax-effective employee donation scheme - available to employees.

Another key benefit of the scheme is that it also allows employers such as Medicash to match the contribution made by employees which, in effect, doubles the final donation.

Bill Gaywood, Medicash Chief Executive, said: "This award represents recognition at the highest level for us as a company and for the contribution we have made to the local community and I'd like to thank all of those who have been involved and made this award possible.

"Charitable giving has always played a fundamental part in our corporate strategy and as an extra incentive to employees, Payroll Giving enables us to support causes dear to their hearts.

"It is all about building pride, making our staff feel proud to work for Medicash and to continue in line with our rich history of supporting the local community."

Medicash has stayed true to its charitable roots since its foundation as the Liverpool Hospital Saturday and Sunday Funds in 1871.

Later known as the Penny in the Pound Fund, members gave a penny out of every pound they earned - these payments ensuring they could be treated at the local voluntary hospital.

The company has grown to become one of the UK's leading healthcare insurers, providing medical insurance to over 100,000 members.

The Payroll Giving Quality Mark aims to provide sustainable income sources for UK charities by increasing participation in Payroll Giving.

Bronze, Silver and Gold Awards are given to organisations which demonstrate excellence in fostering a culture of giving in the workplace through Payroll Giving. The Gold Award is reserved for companies with 10% employee participation.

By setting up Payroll Giving, employers enable their employees to give to any UK charity straight from their gross salary and to get immediate tax relief of up to 40% on each donation.

Payroll Giving has minimal administrative requirements or costs and is an ideal way for organisations at all levels to generate a regular, reliable income stream for good causes.