TIME TO REVAMP TRADITIONAL PAYROLL FORMAT?
Some organisations globally are taking measures to improve their employees’ financial stability by providing Earned Wage Access facilities. For employers, it is a question of goodwill – employees will feel their company is invested in their financial well-being and that can contribute to increasing workplace satisfaction levels and productivity.
Globally, investor money worth billions of dollars has flowed into EWA startups, as it is the cusp of Fintech and HRTech innovation. According to hrtech.sg research, EWA start-ups globally raised about US$1.18 billion in total funding in 2021 and another US$108 million already in the first three months of 2022.
While some EWA providers charge employers or employees with a transaction fee , still some other EWA providers might earn from merchant interchange fees incurred when employees use debit cards issued under the programs.
Source: News Formal (newsformal.com)
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