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Payroll savings is a staff benefit you can offer to help improve the financial wellbeing of your staff. Payroll savings encourage 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 payroll, a schedule of deductions is emailed to 2 Shires Credit Union, along with one BACS transfer per pay run.
Any amendments/new subscribers come via 2 Shires 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 to BACS to 2 Shires, like pension deductions.
- There is NO cost to your employees, other than a minimal £2.00 membership fee.
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 create an emergency fund.
- Keeps local money in the local economy.
- Meets many companies' community ethos and corporate responsibilities.
- Can help recruitment and retention of staff.
- Reducing staff stress can reduce absenteeism.
- Provides good PR for your company.
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.
- 2 Shires normally pays dividends on savings.
If you are interested in finding out more about how to provide this service to your employees please contact us via our web site www.2shires.org.uk or call 01909 500575