Payroll Savings for Employers
Payroll savings is a staff benefit you can offer to help improve the financial well-being of your staff. Payroll savings encourages your staff to save, and provides them with access to low cost affordable loans.
The scheme is simple to administer – savings or repayments are deducted from wages via the payroll, a schedule of deductions is emailed to FAIRshare, along with one BACS transfer per pay run.
Any amendments/new subscribers come via FAIRshare to minimise the disruption to the payroll office. All forms will be sent to the payroll department at an agreed time via an agreed channel.
Is there a cost?
- There is NO cost to you – just a small administrative role when processing the payroll and transferring funds by BACS to FAIRshare, like pension deductions.
- There is NO cost to your employees – it is completely free of charge.
What’s in it for your company?
- Payroll savings is a benefit for your employees
- Employees with money worries can be less productive and suffer stress
- Encourages employees to creates an emergency fund
- Keeps local money in the local economy
- Meets many companies’ community ethos and corporate social responsibilities
- Can help recruitment and retention of staff
- Provides good PR
Why will employees want it?
- It provides an easy, safe and confidential way to save
- Payroll deductions mean out of sight, out of mind
- Access to low cost loans with FREE life insurance*
* Subject to terms & conditions
If you are interested in finding out more about how to provide this service to your employees please email FAIRshare or call our 01952 200200 (Telford branch) or 01743 240403 (Shrewsbury branch).