Income Streaming: The future of employee pay
We’ve all been there. It’s close to the end of the month. Another bill drops through the letter box and you can’t pay it.
What do you do?
Grab a credit card? Dip into your savings? Take out a payday loan?
For millions of people across the UK, receiving an unexpected bill means taking out a high interest loan.
Borrowing £250 for 74 days may mean paying a whopping £148 in interest, equivalent to 1300.5% APR representative.
This isn’t fair.
The annoying thing is that many people will have already earned enough money to cover the bills they need to pay.
They just aren’t able to access that money until payday.
That is, they weren’t able to access it. Until now…
The solution is called income streaming. We’ve all heard of streaming; food, music, and movies when you need them, instantly, and in your control.
Income streaming allows staff to stream a percentage of their earned wages into their bank account before their employer’s payday
It’s provided by employers to staff as an employee benefit and to reduce workplace stress.
It is NOT a loan, as you are only accessing the wages that you have already worked for.
Income streaming simply gives staff early access to money they have already earned.
So how does it work?
Wagestream was set up to offer income streaming to employers and staff across the UK and Europe.
Staff download the Wagestream app to their mobile phone.
The app connects to their employer’s HR software and allows staff to track in real time how much they have earned so far in the month.
Staff can choose to stream up to 50% of these earned wages into their bank account immediately to help them cover any unexpected bills.
Wagestream pays the money to the employee directly.
Then at the end of the month the employer runs payroll as normal.
Any money that was paid by Wagestream through the month is deducted by Wagestream automatically and the balance is forwarded on to the employee’s bank account.
It really is that simple.
Income streaming is incredibly low cost at only £1.75 per stream.
In many cases, employers choose to pay this charge on behalf of their staff so that they can access their money cost-free.
Income streaming is a win-win for employers and employees.
Up to 70% of all staff typically sign up for the benefit when it’s offered and employers see increased willingness to work additional shifts and greater employee retention as a result.
Leading employers including the NHS, Carluccio’s, Hackney Council, Stonegate Pubs, Rentokil Initial and David Lloyd have already adopted the service and over 130k people are eligible to receive access to Wagestream’s service every single day.
To find out more about income streaming and learn how you can roll out Wagestream to your organisation, get in touch with our team.
Figures quoted correct as of 9th August 2019.