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Facing mounting debt, many U.S. workers are looking for new ways to manage their finances. According to Fortune, 75% of workers in the United States want to get paid every day. This growing trend has led to the rise of Earned Wage Access (EWA) for both employers and employees. If you're interested in learning more about EWA, check out this article from Yahoo Finance. It's an interesting read that sheds light on the benefits of EWA for both employers and employees. Viewed as a benefit, Dayforce offers Wallet with no fees for employees. Are you curious about EWA and how it can benefit your organization? Read the article and learn more about the growing trend of daily pay.

Facing mounting debt, many U.S. workers are looking for new ways to manage their finances. According to Fortune, 75% of workers in the United States want to get paid every day. This growing trend has led to the rise of Earned Wage Access (EWA) for both employers and employees. If you're interested in learning more about EWA, check out this article from Yahoo Finance. It's an interesting read that sheds light on the benefits of EWA for both employers and employees. Viewed as a benefit, Dayforce offers Wallet with no fees for employees. Are you curious about EWA and how it can benefit your organization? Read the article and learn more about the growing trend of daily pay.

Earned wage access (EWA) - or the ability for employees to be paid on any day - can be a significant boost for financial inclusion. At least one study has shown that more than 95% of employees stop needing to rely on payday loans once EWA is an option, and 88% say their financial management improves as a result. #EmployeeExperience #FinancialInclusion #Rellevate

#EDITORIAL: We have a workforce that suffers from a lack of the most basic skills to manage their incomes, especially their salaries. They need help. Our workers must be empowered with the skills to save some of the hard-earned wages and further invest in a side hustle to open up a second or third revenue source. More here: 👉 (https://wp.me/peM2NU-2dOW )

The paycheck that you know of currently today is undergoing MAJOR disruption, and the disruption is Earned Wage Access! Earned Wage Access (EWA) is gaining momentum in the US, with major corporations like Walmart and Amazon already offering in-house EWA programs for their employees. EWA allows employees to collect their pay at the end of each workday, providing a solution for those who run out of money before the end of the standard pay period. The Consumer Financial Protection Bureau has also announced that it will be issuing federal guidance on EWA soon. This is encouraging news for proponents of EWA who believe that it can help scores of Americans cover daily expenses such as food, gas, and utility bills. Are you excited about the future of EWA? Share your thoughts in the comments below. #EWA #paycheck #financialinclusion #chro #cfo #ceo #cio #workday #onesourcevirtual #payondemand.

What makes EWA better than Payday Loans? Earned Wage Access (EWA), or OnDemand Pay, provides a low-cost, responsible cash flow management solution for more than 60% of Americans living paycheck to paycheck. By allowing access to earned wages before the regular payday, EWA provides a flexible solution for unexpected expenses, reducing reliance on high-interest credit options. For many employees, EWA serves as a financial safety net, offering immediate relief and enhancing overall financial stability. Furthermore, statistics show that offering EWA can boost company loyalty and improve recruitment by 75%. Payday loans have significant drawbacks that can negatively impact your employees' financial health. The most notable issue is their cost, with Annual Percentage Rates (APRs) commonly around 400% and potentially reaching up to 1,500%. This high cost can make repayment challenging. As loans continually roll over, employees can get trapped in a cycle of debt, incurring additional fees. Short repayment terms, typically due on the next payday, and automatic renewal if no payment is made further worsen this issue. By providing on-demand access to wages, EWA empowers your workforce to make better financial decisions, potentially saving on late fees, overdraft charges, and high-interest costs from alternative lending sources. Read the new guide, “EWA vs. Payday Loans: A Quick Guide for HR Leaders:” https://lnkd.in/g3bgaRuC #EWA #EWADoneRight #EarnedWageAccess #OnDemandPay #FinancialWellbeing #EmployeeBenefits #HumanResources #HRBenefits #Recruiting #Payroll #Leadership #CEO #CompetitiveAdvantage

When an unexpected financial emergency arises in employees' lives, some employees have nowhere to seek financial help but from their employer. Payday loans can become very expensive for employers when you employ a large staff cohort. Although employers may want to help their employees in times of financial distress, payday advances can be tedious and time-consuming, placing additional stress on the Human Resource staff. Companies that implement these Payday loans in-house also need to factor in the impact on the employer's cash flow. Businesses that opt for independent staff loans are in a much better position when it comes to payday loan requests. That is because these advances come from a third-party provider, such as Capstone Credit (Pty) Ltd, and employers and Human Resources and Finance departments staff are cut out of the equation. This saves the Human Resource Department and finance department time and saves the business from having to dip into its monthly cash flow. We can assist you with our well-structured staff loan processes. Contact us today. Info@capstonecredit.co.za (010) 591 0302 #staffloans #loans #credit #finances #employees #employers #business #companies #staff #capstonecredit

Earned Wage Access (EWA) is becoming increasingly popular as a rising trend in #totalrewards, enabling employees to access their paychecks in advance. However, employees typically incur fees for accessing this benefit. Overseeing EWA products, the CFPB (Consumer Financial Protection Bureau) mandates that lenders disclose any fees linked to the advance. https://buff.ly/4d86Qwe? #hr #compliance #payroll #payandbenefits #compensation #salary

Speaking at my #cpp study group last week about #payingemployees , this was a topic with much discussion. Although #EWA is not new, both #employers and #employees still have many questions about it. Should employers offer EWA? What are the fees? What are the #taximplications, if any? I found this article timely and informative regarding the recent #CFPB interpretation of these services as loans. #earnedwageaccess #paycheckadvance #payroll