The pandemic has brought into focus the financial vulnerability of those who have little or no savings. Now is a good time to improve the financial wellbeing of your employees. The Welsh Government is asking employers to help by partnering with a credit union to offer work based payroll savings and access to affordable credit. The Welsh Government is encouraging employers to support staff financial resilience and wellbeing during these difficult times.
Payroll savings schemes are simple to set up. They are free of charge and are a really effective way to build a financial safety net. These can help people cope better with short-term financial shocks and reducing worries and anxieties about money.
In Wales, there are 16 credit unions offering payroll savings. These can offer a range of affordable and responsible lending products and savings, accessed through their offices and online. Staff financial resilience and wellbeing are becoming key issues for businesses to address so more solutions are welcomed.
If you would like to sign up to offer worked based savings, please contact your local credit union using this link: Payroll Partners – Credit Unions of Wales or email firstname.lastname@example.org.
Credit Unions of Wales has more than 140 payroll partners across the country. These include large and small organisations, proving their commitment to social responsibility and their staff’s financial wellbeing.
By becoming a payroll partner, employers support the financial welfare of their staff by encouraging them to save or borrow responsibly.