// Holland & Barrett’s UK staff will be able to receive their earned wages whenever they need them
// The Wagestream app gives them instant access to a percentage of their earned pay any day of the month – for a flat fee
Holland & Barrett has launched a new scheme that gives staff instant access to their wages.
The health and wellbeing retailer said 5000 UK employees would be able to use the Earned Wage Access service, which allows them to receive their earned wages whenever they need them.
Holland & Barrett staff can use the Wagestream app to gain instant access to a percentage of their earned pay any day of the month.
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However, every time a staff member “streams” some of their earned pay into their bank account, they have pay a £1.75 fee.
No loans nor interests would be involved as part of the scheme.
Staff will also have access to a range of financial education tools provided by the app.
Holland & Barrett said the move would boost its employees’ financial resilience and overall wellbeing amid the uncertainty of the Covid pandemic.
The retailer added it not impact cash flow as wages are paid as normal at the end of each month.
“At Holland & Barrett, we believe in the importance of making wellness accessible to all, and this includes focussing on the impact of financial stability on our colleagues’ mental health,” Holland & Barrett head of pay Tricia Foster said.
“Earned Wage Access is relatively new and hugely exciting for us and all our colleagues.
“It was easy to implement and gives our colleagues so much more protection from the financial pain of meeting unexpected expenses.”
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