What is Earned Wage Access?

EWA, or earned wage access, is a financial wellness benefit that allows employees to access a portion of their earned wages before payday. This money will be repaid with a deduction from the next month's salary of the employee. This program is usually backed by a partnering financial institution/ service provider to integrate directly with the HRMS of the organization ensuring that employers do not have to worry about burdening their own books or costs. With SalaryCredits Employees can access up to 80% of their earned salary on demand.

Why would an Employer offer Earned Wage Access?

There are several ways in which EWA can be beneficial for employers, including

• Improves Employee Financial Wellness: EWA can provide employees with a financial safety net, reducing their need to go into debt or take out high-interest loans. This can lead to less financial stress among employees, increasing productivity and improving overall job satisfaction.

• Decreases Employee Turnover: By offering EWA, employees are more likely to stick with their job as they feel more secure financially. This can especially be beneficial for hourly and low-wage employees who may struggle to make ends meet between paychecks.

• Reduces Employer Financial Liability: EWA services generally carry little to no risk for employers, as the service providers assume the liability in the event that an employee is unable to repay the advance. This can be an attractive benefit for employers looking to support their workforce without taking on additional financial risk.

• Enhances Employer Reputation: Offering an innovative and practical benefit such as EWA can help to differentiate an employer as one that is invested in its employees' well-being. This can help to attract top talent and enhance an employer's overall reputation.

Overall, there are numerous benefits to offering EWA to employees, including improved financial well-being, increased employee satisfaction, and reduced financial risk for employers.

What are your charges?

For EWA there is no interest to be paid however for a win-win model, a minimal slab-wise flat convenience fee is charged from the benefitting employee.

• Special discounts on occasions

• EWA is offered at Zero Interest & a minimal Flat convenience fee

• Other Advances interest charges & eligibility criteria will apply

What is the usage rate among Employees?

For organizations that adopt Earned Wage Access, typical minimum baseline usage would range from 10-15% of all employees. For certain sectors like Hospitality, manufacturing, retail, and healthcare, the adoption rate could be as high as 40%.