Earned Wage Access
Be the hero to your heroes. Give flexible access to your employee’s earned pay whenever they need.
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Employees benefits that matters
Become an employer of choice
Our self-service portal enables your employees to have access to their pay information providing flexibility to update their own details and saving you from ad hoc requests.
Nurture employee wellbeing
Remove financial stress that distracts and impacts your employees’ mental health with a solution that works for you and for them.
Enhance team productivity
Foster job satisfaction, loyalty, and morale to unlock a successful path forward for your employees and for your company.
A better way to get paid.
Remove financial stress from your workforce
Employment Hero’s Earned Wage Access is a flexible way for your team to access a portion of their salary as they’ve earned it for a small administrative fee. Your employees can access their earned pay at a one-off or recurring basis.
Make a meaningful impact on your employee’s wellbeing
Earned Wage Access provides a better alternative to payday loans or credit options that often come with high-interest rates and fees, helping employees avoid debt cycles.
No added hassle to your payroll cycles
Earned Wage Access won’t complicate your payroll process. Employment Hero fully manages the administration of EWA. When an employee uses EWA, a post-tax deduction is automatically created in their payroll file.
Resources. All for you.
The State of Wellbeing at Work Report 2024
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ThinkTank: The Future of Employee Wellbeing Reimagined | Webinar Roundtable
Join us for an interactive round table discussion on the future of employee wellbeing in the UK.
What’s Earned Wage Access?
What’s Earned Wage Access?
Earned Wage Access (EWA) is a financial service provided by Employment Hero as part of our employee benefits solutions that allows employees to access a portion of their earned wages before their scheduled payday. Instead of waiting for the traditional pay cycle, employees can withdraw a part of their salary for the hours they’ve already worked, helping them manage unexpected expenses or cash flow gaps.
What are the main benefits of Earned Wage Access?
Earned Wage Access (EWA) services offer several benefits for both employees and employers.
For Employees:
- Financial Flexibility: employees can access their earned wages when they need them, helping to cover unexpected expenses or emergencies without relying on high-cost loans or credit cards.
- Reduced Financial Stress: having the ability to withdraw a portion of their earnings before payday can reduce financial anxiety, improving overall well-being and productivity.
- Avoidance of Debt: EWA services provide an alternative to payday loans or credit options that often come with high-interest rates and fees, helping employees avoid debt cycles.
- Improved Savings Habits: with immediate access to their funds, employees may be more inclined to manage their money better, increasing their financial literacy and encouraging healthier savings habits.
For Employers:
- Increased Employee Satisfaction: offering EWA as a benefit can improve job satisfaction, loyalty, and morale, leading to higher engagement and retention rates.
- Talent Attraction: employers that provide financial wellness solutions, like EWA, can stand out as more attractive to job seekers, especially in competitive job markets.
- No Impact on Cash Flow: EWA services is funded by Employment Hero, which means there’s no direct impact on the employer’s cash flow.
- Enhanced Productivity: financial stress is a major factor in decreased productivity. Providing EWA can help alleviate this stress, allowing employees to stay focused on their work.
What is the cost of offering Earned Wage Access?
There are no added costs for employers to provide Earned Wage Access (EWA) to their employees. Employees will pay a small administrative fee of as little as 0.5% of the amount withdrawn, which is deducted from their wages as post-tax deduction and clearly displayed when they use EWA within Swag.
How does EWA affect my company’s cash flow?
Offering Earned Wage Access (EWA) does not impact your business’s cash flow or liquidity. Employment Hero provides the funds directly to the employee from our own accounts. These amounts are then automatically deducted from the next relevant pay run as a post-tax deduction. No money leaves your organisation’s account for EWA until payday, where the total payment remains the same—simply divided between the employee and Employment Hero.
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