Opting to offer your staff a payroll savings scheme with a local credit union does all of these things. The Chartered Institute of Payroll Professionals have issued some information on why employers should offer payroll savings.
Finance plays a pivotal part in all of our day to day living. When an individual experiences financial difficulties it can have an adverse effect on their health and general well-being. Individuals become inefficient at work as they become pre-occupied with their financial issues which has an effect on businesses.
Stress has become the main cause of long-term sickness absence for the first time across British industry and sickness costs a UK business on average £609 per employee per year.
Individuals in debt are three times more likely to have mental health problems as those that were not in debt. They are also more likely to suffer from depression and have drug dependency.
If you offer saving through payroll to your employees, you are less likely to suffer from the negative impacts of stress caused by financial problems and the associated cost to business.
What are the benefits of saving with a Credit Union through payroll?
Saving through payroll is an ideal way for people to save money and reduce their risk of financial problems in the future.
An individual can save direct from their salary with ease as the agreed amount has already been taken before their salary gets to their bank account. They can also access low cost credit union loans helping to them to avoid payday and doorstep lenders and keeping their repayments manageable.
There is absolutely no cost attached to setting up a Payroll Savings Scheme, if you’d like to find out more please contact Julia Webster, Just Finance Officer by calling 07947 210811 or email Julia.firstname.lastname@example.org.