The latest thinking, news and events from the world of Recruitment

James Cracknell and Wagestream Highlight Unfairness of Wait for Monthly Payday

SHARE
,

A countdown to October 31 projected on the White Cliffs of Dover since Friday is highlighting how long workers have to wait until payday, income-streaming app Wagestream reveals.

The projection is counting down to the day when the month’s salary is traditionally paid, October 31, which by coincidence happens to also be the day when Britain is scheduled to leave the EU.

Media outlets including Mail Online, The Telegraph and others mistakenly assumed that the countdown related to Brexit, resulting in pictures of the projection being seen by millions of people around the world.

Wagestream ambassador, Olympic rower and Strictly Come Dancing contestant James Cracknell helped beam the message onto the White Cliffs.

The rigidity of the monthly pay cycle means that many employees are forced to turn to high-interest loans in the case of unexpected bills.

Wagestream allows staff to access, or ‘income stream’, a percentage of their earned wages any day of the month for a flat £1.75 fee. There are no loans involved and therefore no interest is charged. This provides much-needed liquidity between pay cycles and prevents workers having to go into debt to cover unplanned expenses.

Wagestream reduces financial stress and helps to prevent employees having to turn to high-cost credit providers and payday lenders when they face unexpected expenses.

Employers from across the private and public sphere who use Wagestream including Rentokil Initial, Hackney Council and Roadchef have identified a number of CSR and HR advantages to the service.

Peter Briffett, CEO and Co-Founder of Wagestream, commented: 

“Wagestream’s countdown highlights how workers have to wait weeks until payday to get hold of money they have already earned.

“It’s a national scandal that employees are denied access to their own money by the monthly pay cycle, which is a relic of the 20th century.

“Wagestream lets staff get hold of their pay when they want it, and hundreds of companies across the UK are realising how valuable income-streaming is to their employees.

“It is an unfortunate coincidence that our countdown coincided with October 31, the day that Britain is due to leave the EU.

“At a time when Britain is divided, we hope everyone can come together and help us make the lives of millions of employees better.”

Olympic hero and Wagestream ambassador James Cracknell said: 

“I was delighted to help Wagestream to project their message onto the White Cliffs of Dover.

“It’s a hugely important message for every employer and employee in Britain. Why should people have to wait to get hold of money they’ve already earned?

“The sea was getting pretty choppy as we prepared to lights up the White Cliffs. I’m glad the boat’s motor didn’t give out, as I wouldn’t have been able to row us back to shore!”