Harlowsave Payroll deduction scheme
A payroll deduction scheme arranged and managed free of charge by Harlowsave will encourage your employees to save regularly and manage their money better. It can also be a very simple way to enhance your Corporate Social Responsibility profile.
Credit Unions are well established around the world
1.5 million people are members of a credit union in the UK.
Credit unions have 217 million members worldwide in countries like the USA, Ireland, Canada, India, South Korea and Australia. So it’s a proven, well-established concept, and your staff will be in good company when they enrol.
Why should I get my workforce involved?
It’s the perfect way to encourage employees to save, help them manage their money and keep them out of the clutches of payday lenders. It can also prevent small debts spiralling into massive ones by providing members with a ready source of flexible, affordable loans.
What’s in it for them and how does it work?
Employees who join the scheme agree to have a small sum (from as little as £20 per month) automatically deducted monthly from their salary to put into their HSCU savings account. It’s an easy way to save for emergencies, pay for a family holiday, save for Christmas etc. This will also give them access to all the benefits of membership of HSCU which include:
- Affordable and flexible loans from £50 to £7,500
- Access to our revolving credit scheme
- Payment cards with shopping discounts and cashback
- Secure instant access savings accounts with annual dividends
- Savings accounts for children
- Money Management schemes
- Free life insurance on savings and loans
All our loans are simple, flexible and affordable with no hidden charges or penalties.
Our repayment periods are always flexible to suit the borrower and all loans can be repaid early without penalty. We also encourage our members to continue to save regularly as repayments are made.
Is their money safe with HSCU?
Credit Unions are regulated financial institutions, authorised and regulated by the FCA and PRA like banks and building societies. Your employees’ money is protected by the Financial Services Compensation Scheme just as if it were held in a bank or building society.
That’s good for them, why is it good for me?
Stress is the main cause of absenteeism in the UK today. Debt and unaffordable loan repayments cause stress, anxiety and depression and victims either can’t focus on work or start taking days off sick.
A practical benefit like this, which tackles these issues head-on can boost staff morale, promote staff retention and improve productivity.
Do other companies run similar schemes?
Many major UK employers are already offering their staff a payroll deduction savings and loans scheme through a credit union, including:
✔ BAE Systems
✔ Royal Mail
✔ British Airways
✔ Tata Group
✔ Go-Ahead Group
Are they difficult to set up?
Payroll deduction schemes are easy to set up with flexible arrangements to meet your needs.
Your company simply arranges monthly deductions from payroll, and we look after everything else. All services are provided by the credit union completely free of charge.
What do I do next?
Simply confirm that you wish to set up a scheme and we’ll do the rest. We’ll advise you on promoting the benefit to ensure maximum take-up, provide all promotional materials and paperwork, and run the scheme for you.
If you have any more questions at any stage please don’t hesitate to contact us.
Call Louise on 01279 451234 or complete the form below