As the cost of living crisis grips Australia, there’s a new way for 4.2 million workers to access money they’re earned that “most Aussies don’t know about”.
Mr Moran describes the platform as a great solution for both workers with large annual leave balances struggling with the rising cost of living, and businesses who have to carry the cost of accrued annual leave as a liability on their balance sheets. For example, a worker with 21 days of annual leave can cash out one day of leave, while a worker with 30 days of accrued leave could cash out 10 days.
He added that the average Aussie has a balance of 27 days of annual leave and those additional seven days would translate into an average cash value of about $2,500.Subi is currently being offered free for both employees and employers, and since its launch Mr Moran told news.com.au the company has processed 190 employee applications, with the average amount of cash being paid out so far coming in at $1,500.
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