Full Speed Ahead for Permanent Parity

Edenred applauds passage of tax legislation which creates permanent parity between the parking and transit portion of the transportation fringe benefit.

End of year tax and spending legislation passed by Congress and signed into law by the President includes a provision that establishes parity between the parking and transit portion of the commuter tax benefit, ending a quarter century old policy that incentivizes commuters to drive alone.

Edenred’s Chief Operating Officer, Meltem Korkmazel had the following to say:

“This is such important legislation to the millions of transit riders who have been impacted by the lack of parity. These are commuters who have the longest and most expensive commutes and who without parity, likely will be forced back into a car and add to our already congested roads”, adding "The legislation passed today will right this wrong and steer American commuters in the right direction."

Transportation costs are the second largest household expense for American families. Over the past several years, members of Congress have been working together to bring permanent parity to transit and parking pre-tax benefits. Permanent parity assists commuters in creating changes to the way they commute, moving toward increased ridership of subways, buses and vanpools and significantly reducing the congestion on our roadways.

Without congressional action, the cost for those who used the transit benefit were double that of those who drove to work, leaving transit and vanpool riders with up to $1,440 a year in additional tax burden. The legislation passed today rights this wrong.

Korkmazel concluded, “I want to thank Senator Schumer (D-NY) and the other champions, many of whom have been working on this issue for years.”

About Commuter Benefit Solutions, by Edenred

Edenred Commuter Benefit Solutions is the nation’s only comprehensive commuter benefit solutions provider and number one resource for commuter savings. Since 1985, Edenred has served Fortune 100 and Fortune 500 companies, top third party benefit administrators and the nation’s largest metropolitan area transit authorities. With its premier solution offerings; Commuter Check, a nationwide commuter benefits program for employers; and WiredCommute, a private label program for third party administrators, Edenred is able to provide a one-stop total solution experience. Edenred’s mission is to make tax-free commuter benefits a staple in employee benefits packages nationwide.

About Edenred

Edenred, which invented the Ticket Restaurant® meal voucher and is the world leader in prepaid corporate services, designs and manages solutions that improve the efficiency of organizations and purchasing power to individuals.

By ensuring that allocated funds are used specifically as intended, these solutions enable companies to more effectively manage their:

• Employee benefits (Ticket Restaurant®, Ticket Alimentación, Ticket CESU, Childcare Vouchers, etc.)

• Expense management process (Ticket Car, Ticket Clean Way, Repom, etc.)

• Incentive and rewards programs (Ticket Compliments, Ticket Kadéos, etc.)

The Group also supports public institutions in managing their social programs.

Listed on the Euronext Paris stock exchange, Edenred operates in 42 countries, with more than 6,000 employees, nearly 660,000 companies and public sector clients, 1.4 million affiliated merchants and 41 million beneficiaries. In 2014, total issue volume amounted to €17.7 billion, of which almost 60% was generated in emerging markets.

Ticket Restaurant® and all other tradenames of Edenred products and services are registered trademarks of Edenred SA.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151221006257/en/

Media RelationsKerrie LePage, 857-228-1422Kerrie.LePage@CommuterBenefits.comFollow Edenred on Twitter: @Edenred

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