After receiving a press release from the Co-op our professional body the Chartered Institute of Payroll Professionals (CIPP) were so intrigued that they decided to run a poll.
The press release stated that UK workers could save more than £250 million a year in interest rate charges if their employers had a payroll loan scheme.
CIPP ran their poll for the month of July and into the beginning of August and found that of the 352 respondents a fifth (19%) already had an employee loan scheme. The team here at Payroll Masters were pleasantly surprised. The poll also found that 27% of respondents would consider offering such a scheme. 34% said they would not consider a scheme and the last 19% were unsure. The uncertainty of this latter group of companies could be they were worried about what is involved or afraid of an admin burden.
This is where Payroll Masters can help. Payroll departments (including us as your outsourced payroll department) can play a vital role in helping employees with their financial awareness and we can help you set up a payroll loan scheme. This could have significant benefits for your employees and is an employee benefit that demonstrates social responsibility and could help you keep your best people.
Please contact us for a discussion about payroll loan schemes and all your payroll needs.