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In the UK, Bupa has introduced a “get paid early” option for nearly 11,000 staff working in its care homes, enabling employees instantly to access money earned for completed shifts without waiting for a monthly payday. It hopes this will providing an alternative to expensive short-term borrowing such as payday loans, overdrafts and credit cards.
The app allows staff to view normal and overtime pay they have earned and draw down an advance on their wages for a flat fee of £1.75, with no interest charged. The money taken is then deducted from their monthly pay. Companies that use the app set a cap of how much can be drawn down and how often and also pay Wagestream for allowing their employees to use the service. “When we give cash flow back to workers, we can prevent them going into debt between pay cycles,” said Peter Briffett, chief executive of Wagestream.
https://www.ft.com/content/355fa258-ef6c-4c11-92e2-31c5834ff9c3
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