A Payroll Deduction Guide for Employers
Our growing number of Employer Partners are now providing their workforce with direct access to Stockport Credit Union’s secure savings and affordable loan products through the deduction from their salary each payday.
Why should we implement a Payroll Deduction Scheme?
The impact of financial stress in the workplace may not be immediately obvious. However, employees that experience financial difficulties through debt and unaffordable loan repayments may experience a negative impact on their home life, their mental health and even their physical health.
All of these issues are likely to impact on their productivity at work, often causing an increase in absenteeism. Employers may be asked for advances or loans to cover emergencies like a car break down, which can be embarrassing for both parties.
Stockport Credit Union is committed to improving financial education within the community, and is here to help you support your workforce.
What are the benefits of the Payroll Deduction Scheme?
There are many benefits to implementing a payroll deduction scheme including:
• It’s simple to set up and run
• Low-cost employee benefit
• Helps your staff managing their finances
• Contributes to staff well-being
• Staff satisfaction increasing staff retention
Lastly money invested in Stockport Credit Union is loaned out within Stockport. Any profit made is reinvested and shared out as an annual dividend keeping money in our local community.
How to Join the Payroll Deduction Scheme?
To find out more about signing your company up to the Payroll Deduction Scheme please contact our Business Development Manager Clare Davis at firstname.lastname@example.org or call us on 0161 530 5808.
Pure is passionate about investing in their workforce and do this in a wide variety of ways. The credit union offers an easy accessible means to save and borrow money in a managed, safe way.– Pure Innovation