Workforces Across Wales Benefit From Payroll Saving
Workforces across Wales are benefiting from payroll saving schemes with their local credit union.
Payroll saving is when a employer partners with a credit union to offer their staff saving schemes and affordable loans.
The scheme is as simple as ABC and can be used for saving for a rainy day or paying off a loan.
All employees have to do is agree on a nominal amount of money to be taken from their salary before they have chance to miss or spend it.
Schemes like this are essential at a time when family household debt continues to rise.
For businesses there are added benefits as employees who save regularly. Research shows that it makes them more financially stable, they have lower levels of stress, which makes them more productive and motivated – and less likely to fall absent.
When businesses become a payroll partner they demonstrate their social responsibility and strengthen employee relationships while also benefitting the community at large.
Smaller companies often do not have the budget to give their staff bonuses or large pay rises, but payroll saving is a simple and free staff benefit that can people to create a more financially secure future.
Being irresponsible with finances at a young age can have a detrimental effect on their lives for many years to come. Not only are they faced with paying back high interest payday loans but are also creating bad credit which can be damaging.
The idea of putting aside a portion of income to a savings account before paying bills or enjoying any luxuries, is central to personal financial stability.
Members also receive free life insurance, have a say on how the organisation is run and reap the reward of any profits in the form of an annual dividend.
If you are a director or an employee who feels that your organisation could benefit from joining a payroll savings scheme, please contact your nearest credit union today!