Holland & Barrett launches scheme to give staff instant access to pay
Health and wellness retailer Holland & Barrett has launched a new scheme that gives staff instant access to their wages.
The retailer is offering the Earned Wage Access service to its 5,000 UK employees to enable them to get their earned wages whenever they need them.
Holland & Barrett said the move will help bolster employees’ financial resilience and overall wellbeing during these difficult times.
Employees can use the Wagestream app to get instant access to a percentage of their earned pay any day of the month. Staff will also have access to a range of financial education tools provided by the app.
Every time an employee ‘streams’ some of their earned pay into their bank account, they pay a flat fee of £1.75. There are no loans involved and therefore no interest.
Holland & Barrett said the scheme will not impact cash flow as wages are paid as normal by the employer at the end of each month.
Tricia Foster, head of pay and benefits at Holland & Barrett, said: “At Holland & Barrett, we believe in the importance of making wellness accessible to all, and this includes focussing on the impact of financial stability on our colleagues’ mental health.
“Earned Wage Access is relatively new and hugely exciting for us and all our colleagues. It was easy to implement and gives our colleagues so much more protection from the financial pain of meeting unexpected expenses.”
