Paul Cioffre’s Post

Facing mounting debt, many U.S. workers are looking for new ways to manage their finances. According to Fortune, 75% of workers in the United States want to get paid every day. This growing trend has led to the rise of Earned Wage Access (EWA) for both employers and employees. If you're interested in learning more about EWA, check out this article from Yahoo Finance. It's an interesting read that sheds light on the benefits of EWA for both employers and employees. Viewed as a benefit, Dayforce offers Wallet with no fees for employees. Are you curious about EWA and how it can benefit your organization? Read the article and learn more about the growing trend of daily pay.

Is the bi-weekly paycheck on the verge of disruption? With earned wage access (EWA) programs growing in popularity, it may be. EWA allows employees to access their wages as they earn them, potentially offering much-needed relief to the over 60% of Americans living paycheck-to-paycheck. CloudPay vice president, Borja Perez Valcabado, recently talked to Fortune about the benefits, regulatory hurdles, and hopes for wider access in the future. Interested in learning more about EWA, give CloudPay a follow and read the article here: https://lnkd.in/e7D7vWQV

ICYMI: Earned Wage Access has been in the news, and fintech leaders across the board are chiming in. Here's our take: Exhale’s My Pay Perk is an EWA product, and is fee-free for employees when sponsored by employers. With it, our goal is to provide real financial relief to those living paycheck to paycheck. When done transparently and affordably, EWA is a powerful tool to help employees take control of their finances. As the industry changes and our own products evolve, we’re committed to putting transparency and consumer safety first. As Alex Johnson writes, “EWA — the employer-sponsored and integrated type”…”unlocks data that makes bank accounts more useful. It literally puts more money in customers’ accounts, with no credit risk.” https://lnkd.in/g7PQJE7x

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

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

Let's have an HONEST conversation about personal finances 👇 Now more than ever people across the UK are turning to credit to survive. And before they know it, many fall into a debt cycle. 📉 Payday loans. 🦈 Loan sharks. ⏰ Pay advances. These are all things that contribute to the debt cycle and keep working adults in the UK struggling with their finances. As an employer, you can do something easily and for FREE to help all your employees. ✨A Payroll Saving Scheme ✨ Instead of turning to credit, employees on the scheme can find £1000's have built up in savings without lifting a finger. It automates rainy-day savings providing a needed financial safety net. Not only that but the payroll saving scheme offers a safe and fair way to borrow, with loan repayments made directly from salary. PLUS+ over 750 brand discounts (including supermarkets and petrol!) If you want to know more about our FREE employer partnership scheme, comment or send us a DM and we'll send you our pack! #employeebenefits #employeesupport #hr #payroll

Facing mounting debt, three-quarters of U.S. workers want to get paid every day. On-demand streaming, delivery, and, next up, on-demand compensation. The biweekly paycheck is on the cusp of disruption, although expansion plans have hit a snag among skeptical financial regulators.  These programs, called earned wage access (EWA), allow employees to collect their pay at the end of each workday. Major corporations such as Walmart and Amazon have already started offering in-house EWA programs for their employees, and the Consumer Financial Protection Bureau announced last month that it would be issuing federal guidance on EWA soon. Increasing momentum around EWA is an encouraging sign for its proponents, who say that these programs could help scores of Americans who run out of money before the standard two-week pay period cover daily expenses such as food, gas, and utility bills. But to hit the U.S. mass market, EWA advocates first have to convince regulators that they’re different from payday lenders—and that EWA is a tool to help Americans get out of debt, not the other way around. 

Let's have an HONEST conversation about personal finances 👇 Now more than ever people across the UK are turning to credit to survive. And before they know it, many fall into a debt cycle. 📉 Payday loans. 🦈 Loan sharks. ⏰ Pay advances. These are all things that contribute to the debt cycle and keep working adults in the UK struggling with their finances. As an employer, you can do something easily and for FREE to help all your employees. ✨A Payroll Saving Scheme ✨ Instead of turning to credit, employees on the scheme can find £1000's have built up in savings without lifting a finger. It automates rainy-day savings providing a needed financial safety net. Not only that but the payroll saving scheme offers a safe and fair way to borrow, with loan repayments made directly from salary. AND over 750 brand discounts (including supermarkets and petrol!) If you want to know more about our FREE employer partnership scheme, comment or send us a DM and we'll send you our pack! #employeebenefits #employeesupport #hr #payroll

This is an excellent take and breakdown on the #ewa industry. Yes, it's a crucial benefit that all employees should have access to but there are some nuances within the market which are helpful to understand as well. #hr #hrtech #benefits