Payroll Deduction

Payroll Deduction Schemes are partnerships with local employers to enhance their employees financial health. It’s a proactive approach to address the common financial challenges faced by many workers today.
 
Imagine saving and repaying loans without lifting a finger. With Payroll Deduction, an agreed sum is automatically deducted from your wages or salary by Partner Employers, making it effortless.

For employers

Improves employee financial well-being

By facilitating savings, employers can help employees feel more secure financially. It’s about helping them manage their money effectively, prepare for unexpected expenses, and plan for a healthy financial future.

Boosts productivity

Less financial stress can lead to more focused and efficient employees. This can create a more positive work environment and better overall performance.

Reduces absenteeism

Financially secure employees are less likely to miss work due to stress-related issues. By providing a structured way for employees to save, you can help reduce the financial stress that might otherwise lead to time off work

For employees

Financial Well-being

A payroll savings scheme can help employees feel more secure and in control of their finances. Its’s about helping them manage their money effectively, prepare for unexpected expenses and plan for a healthy financial future.

Safe and regulated

Credit Unions offer a secure place to save and borrow, regulated by PRA and FCAss. Payroll deduction is a win-win, promoting financial stability for your everyone.

Encourage regular savings

Deductions directly form payroll make saving habitual and effortless. Money is deducted directly from their wages and deposited into a savings account, making the process seamless.

Access to Low-Cost Loans

Our current loan rate is 12.68%, providing employees with access to low-cost, which can be a safer alternative to high-interest payday loans.

Covers various needs

Savings can be used for Holidays, Special occasions or significant purchases like car or house. This encourages better financial planning and budgeting

Interested in introducing Payroll Deduction at your workplace?

Reach out to our friendly team.