Parking Cash-Out

Parking Cash-Out is a benefit some employers offer to employees who have parking permits. Instead of providing free or subsidized parking, the company gives employees a cash payment or allowance if they choose not to use the parking space. This encourages employees to opt out of driving and parking on-site, which can reduce traffic congestion and environmental impact. Essentially, employees are rewarded for not using a designated parking spot by receiving financial compensation, providing flexibility and savings while promoting more sustainable commuting options.