Asda has offered its employees the option to be paid early to help navigate through the ongoing cost-of-living crisis.
In partnership with fintech firm Wagestream, the Big 4 grocer is allowing 140,000 staff members to access 50% of their salary before pay day.
Employees who opt to receive part of their accrued wage early will not be charged for the first time in each pay cycle. However, a flat fee of £1.50 will be added for times after that.
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The move follows the supermarket giant increasing employee pay by 10% to £11 an hour and £12.17 for those working inside the M25.
“We understand that from time to time our colleagues may need a bit more financial help, something which would be made worse by the current cost-of-living crisis,” Asda chief people and corporate affairs officer Hayley Tatum said.
“Giving our colleagues flexible access to their pay, alongside a range of support and guidance, could prove vital in giving them financial peace of mind, as well as their mental wellbeing.”
Wagestream head of impact and inclusion Emily Trant, added: “The most recent State of Financial Wellbeing index found that record numbers of workers are willing to move jobs if offered better financial support.
“As one of the UK’s biggest flexible pay employers, with a whole range of tools and services to support financial wellbeing, Asda will improve the lives of existing team members and strengthens its position as a retail employer of choice.”
Image credits: Asda PR