IBEC's Irish Profit Sharing Association began a series of regional briefings for companies yesterday on how to introduce save as you earn schemes for employees. Under an SAYE scheme, deductions from employees' pay are lodged with savings institutions for a period of three, five or seven years. At the end of the savings term the employee receives a tax-free bonus from the financial institution.

Employees can then acquire shares from the employer at a discounted rate of up to 20 per cent of the market value of the shares at the time of entering the contract. Alternatively, the employee can take the money saved.