The increase, which comes into force this week, will affect over 500,000 UK employees.
In an SAYE scheme, employees have the option to save over a fixed number of years for the purpose of purchasing shares in their company. Alternatively, they can withdraw their savings and a bonus at the end of the period. These bonuses will increase for three-year plans from 2.84% to 4.23%; for five-year plans from 3.22% to 4.36%; and for seven-year plans from 3.36% to 4.28%.
Staff who choose to leave the scheme after one year will receive a bonus rate increase from 2% to 3%.
Julie Richardson, head of employee share ownership at ifs ProShare, said: "This is good news for the hundreds of thousands of employees who sign up to an SAYE scheme each year and should encourage greater take-up of what is already an efficient tax savings mechanism."
These rates will be effective for SAYE joiners after 1 September 2008.
SAYE bonus rates to increase
The Treasury has announced that it is to raise the bonus rates payable on Save As You Earn (SAYE) schemes.