Michael Baer’s Post

See how we combined Paycheck Protection Program (PPP) Loan Data with Department of Labor Wage & Hour Compliance Data in seconds. Explore the joined datasets and try it yourself with Placekey! https://lnkd.in/eX2ywfTe

If you answered yes, then our Payroll Loan is designed to meet your financial needs effortlessly! 💰 ✨ Here's why you'll love it: Loan amounts ranging from N50,000 to a whopping N10,000,000! Flexible repayment options over a maximum period of 12 months. Super-low interest rate. Quick and easy application process. Ready to get started? Here's what you need: - Valid ID and other application documents. - Passport photos and recent utility bill. - Pay slips and employment documents. - 3 months bank statement of your salary account. Are you interested in the securing a Payroll loan? Write "I'm interested" in the comments, our customer service team will contact and guide you through the application process. #salaryearners #customers #lagos #payroll #bankstatement #nigeria #publicsector #privatesector

Payroll Pointer Thinking about giving your employees early wage access? You may want to put a pin in that if you employ in Connecticut or California. Recent reports say there will be a bill in those states to clarify whether early wage is different than a pay day loan. Before taking the time to implement a program like this, you may want to pause until all the wrinkles are ironed out. #payroll #payrollmanagement #earnedwageaccess

What an absolute Clanger!? 🤦♂️ Working in the exciting world of Payroll it unsurprisingly becomes part of most of my conversations with people both in and out of work 🗣 I heard a story of someone who got a new job recently but unfortunately got missed off the first month payroll. 💻 This obviously was embarrassing to say the least for all involved 😦 The solution was to make a payment and to correct in the system with two lots of pay on the payslip in the next payrun 🤑 However this essential double pay on the payslip increased the Tax, NI and Student loan payments way more than it should 📈 As you guessed it the worker wasn't too happy about being mucked about 😢 The main surprise was it was a company that had been operating for a good while so should really have their system and processes properly fool proof by now 🤡 Outsourcing the payroll to the experts would of saved so much embarrassment and time 😎 ❓ When were you surprised at something going wrong recently? #Payroll #Staffing #Outsourced #Recruitment

The Consumer Financial Protection Bureau (CFPB) announced a proposal to classify payroll advances as consumer loans, subjecting them to the Truth in Lending Act's regulations. This move aims to prevent delays in workers receiving pay and mitigate debt cycles. The rule could disrupt the earned wage access industry, particularly for companies that charge fees or request tips. Employers offering free, fee-free advances will be exempt. The interpretive rule is open for public comment through August 30. #HR #HumanResources #Payroll #TotalRewards #CFPB #TruthinLendingAct

“If you are an HR leader who offers Earned Wage Access (or is considering offering EWA) and you aren’t operating under the assumption that your employees will need a product where there are zero fees, you need to get prepared…like now,” says fintech entrepreneur Jason Lee. In July, the Consumer Financial Protection Bureau proposed a historic interpretive rule which has the potential to upend the EWA market. And with it, whatever EWA offering you make available to your workers. Employer-partnered EWA providers sent over 83 million payments to employees in 2022, according to the Consumer Financial Protection Bureau, with more than 90% of workers paying at least one fee. Under the proposed rule, EWA products would be subject to the Truth in Lending Act, which requires disclosure upfront of all fees. Workers would see EWA fees expressed as an APR, like credit-card interest rates. The typical Earned-Wage-Access user pays fees that amount to a 109.5% APR, per CFPB. The California Department of Financial Protection and Innovation finds such fees to be more than 330% for the average user. Meanwhile, the Center for Responsible Lending says, the average APR for a repaid payroll advance in 7 to 14 days is 367%, almost the same as a typical payday loan APR (400%). How’s that for number salad? The point is Earned-Wage-Access costs can add up for your workers, regardless of what we call the products, regulatorily speaking. It’s inaccurate to call Earned Wage Access a loan or an advance since it grants workers access to money they’ve already earned, says Phil Goldfeder, CEO of the American Fintech Council, a trade group representing earned-wage-access providers, per CNBC: “I would resemble it closer to utilizing an ATM machine and getting charged a fee…You can’t utilize a methodology like APR to determine the appropriate costs for a product like this.” Mitria Wilson Spotser, vice president and federal policy director at the Center for Responsible Lending, tells CNBC the proposed rule doesn't ban fees: “It merely requires them to disclose it…You have to ask yourself, why is the industry so afraid to disclose that they’re charging these fees?” Whether CFPB revises its proposed Earned-Wage-Access rule or not, as Spencer Hulse puts it in Financial Tech Times: “…it’s clear that we’re heading in the direction of zero-fee EWA in the not-too-distant future.” What do you think, employers? ❔ Does EWA = loan? ❔ Are you prepared to adapt, whether regulators or market forces force your hand? Let us know in the comments. And note the CFPB is soliciting comments from the public until Aug. 30. We dive deeper in our latest article, link in first comment. #financialwellness #benefits #employers #smallbusiness

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

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