Payroll schemes have mutual benefits for both employers and employees. Evidence has shown that people are much more likely to have a savings account where employers have a payroll savings scheme with a credit union. The financial stability established by the availability of savings or low cost loans is seen as a real benefit by employees who use the service. This in turn can reduce stress caused by financial problems; thereby reducing staff turnover, sickness levels, and absenteeism.
John Weir, CEO of CNCU said “Offering payroll deduction facilities for your employees gives them the opportunity to save directly from their wages.
“The administrative work involved is minimal, however the benefits of such a service to employees is unparalleled as it enables them to keep a better track of their finances and get into the habit of saving.”
The Payroll Deduction scheme was recently taken up by Lisa Alcock whose employer Cheshire East Council offers a payroll deduction scheme. She said: “I have been trying to save on a regular basis for some time, and when a member of CNCU’s team told me about CEC’s payroll deduction scheme, I was immediately interested and signed up there and then.
“I believe it’s a great way to save away from my normal bank account.”
Cheshire Neighbours Credit Union provides this facility to a number of employers including:
- Cheshire East Council
- Cheshire West and Chester Council
- Mid Cheshire NHS Trust
- Cheshire and Wirral NHS trust
- Wulvern Housing
If you would like to save via your employer’s payroll deduction scheme, or as an employer, would like to offer your employees access to secure savings accounts and low cost loans; please visit CNCU’s website: www.cncu.org.uk or call: 01270 685625 for more information.Leave a reply →