UK businesses are being urged to provide their workers with flexible pay processes in order to help those struggling financially.
This has been highlighted by CloudPay as part of the tenth annual National Debt Week campaign.
There are now more than 12.8 million Brits who are either falling behind on bills or finding it difficult to make repayments. CloudPay believes that earned wage access (EWA) models will help businesses to support their staff during these difficult financial times.
Commenting on this, Borja Perez, VP Products, Payments at CloudPay, said, “Granting access to accrued earnings, as and when it is needed, will help employees deal with growing financial burdens brought on by rising inflation and the cost-of-living crisis. Not only will this ease some of the monetary struggles of the workforce, but it will also boost morale and bolster staff mental wellbeing.
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“The latest statistics are worrying, and with one in five people in the UK struggling with major debt issues, it’s clear that these problems won’t be resolved quickly without the support of employers.
“Adopting EWA gives workers extra flexibility to use their finances as and when they are needed which can help prevent them from inadvertently falling into debt or taking out loans to tackle bills or unexpected, emergency payments.
“Of course, this is a significant challenge for the UK’s population and flexible payment models alone won’t solve everything. Employers also need to consider their responsibilities and look to support their employees’ wellness in other ways through a broader package of measures which includes EWA options.”
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