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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 payroll@cambriancu.com 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:

  1. set up an authorisation process
  2. deduct payments from your employees
  3. provide a monthly listing to Cambrian
  4. 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.

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