Instant Colleague Payments – Wagestream Covid-19 Response
In a commitment to aid the containment of Covid-19 and help organisations support those affected, Wagestream is releasing a number of features that are designed to ease financial stress and the mobilisation of contingency plans during the outbreak.
Instant Colleague Payments
During Covid-19 and in efforts to help organisations to continue working effectively, the new Instant Colleague Payments feature will now enable employers to provide financial support where necessary to aid in the continuation of work.
Employees may incur short term financial requirements or difficulties that can either stop them from continuing their roles as normal or from successfully self isolating. The Instant Colleague Payments feature is designed to help employees fund necessary items such as protective equipment, transportation or food to facilitate normal working schedules.
The employer can fund these directly through Wagestream, bypassing the need to run CHAPS payments.
How it works
- To facilitate a payment the employer will upload it like a normal shift but will enter it under a specific name according to the function of the payment i.e. protection equipment payment or transport payment
- This will then be added directly to the stream balance of employees or, as necessary, directly to employees accounts, depending on what is required.
- The payment will appear in employees track statements with the specified name to avoid any confusion.
- Wagestream and the employer will then settle up via the normal process at the end of payroll.
The functionality is now available on the Wagestream portal and aims to reduce any financial stress that may be caused by the outbreak. If you have any questions please contact your Client Success Manager.
If you are not already working with Wagestream but want to make use of this feature or any other Wagestream features you can now go live in under 24 hours under a new process. For more information and to go live in under 24 hours please get in touch.
For information on when to encourage self-isolation and how to go about it click here.
For information on how to minimise viral spread throughout the workplace click here.