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Why should an employer set up a payroll deduction scheme for employees?
- Credit unions offer ethical, local investments
- Payroll deductions offer a simple, convenient route to saving
- Credit unions provide independent financial support to your employees
- If employees take out credit union loans, this is a convenient and simple method of repayment
- People who save regularly are better able to cope with any financial distress or unexpected cost
- For minimum cost the employer provides a valued staff benefit which can help recruitment and retention of staff
- Employees can improve their standard of living by accessing affordable loans for things they might otherwise be unable to afford to pay for in advance. As an example, a credit union loan could pay for a holiday, which could reduce the stress levels of an employee and / or reduce the levels of sick leave / staff turnover.
- Credit unions foster a responsible attitude towards credit, assisting with the welfare aspects of being a caring employer
- Employees who are members of a credit union will be more likely to see the benefits of membership and will be more persuasive to others.
How to set up a payroll deduction system
Contact our Payroll Savings team on 01745 345533 or email us on firstname.lastname@example.org to discuss setting up a Payroll Savings Scheme for your employees.
The payroll deduction set-up is simple, it works just like any other payroll deductions scheme you currently run:
- set up an authorisation process
- deduct payments from your employees
- provide a monthly listing to Cambrian
- pay the deducted payments to Cambrian
Then other than promoting it to both existing and new staff on a regular basis, Cambrian will run the agreed authorisation process for you.