Why Employers should think about EWA
Increase your company's competitive edge by offering flexible benefits to employees, and use them as a means to motivate current employees, and to attract new ones.
Key Functionalities
In conjunction with our mobile HR and Benefits app, Workplaze offers companies a digital benefits platform that allows them to incorporate initiatives such as EWA, Cash Advance, Bill Top up, etc. - which are all targeted at improving their employees' financial health, reducing their worries and stress or even simply assisting with decreasing time it takes to conduct financial transactions.
Payroll Advance
- Give employees access to their salary in case they are facing an unexpected situation or emergency. Using our mobile app, employees can withdraw an early advance on their salary in real-time should a sudden need arise.
- Withdrawals or fund transfers are automatically connected to the payroll system and immediately deducted from the upcoming salary, whereas the system keeps a record of each withdrawal for reference and transparency reasons.
- Set up the parameters for regulating the use of advances. Withdrawal amounts can be based on employee salaries and maximum percentages that are allocated to advances. Employees can easily see the number of limits per month that have been calculated automatically.
- The cash advance feature not only takes away the worries of employees in urgent need of cash, but also removes the time consuming administration and paperwork of granting small loans for the finance department.
Top Up & Bill Payment
Multibank Transfer
- Workplaze lets employees pay their bills through its mobile app. Various kinds of basic bills such as electricity, water, telephone, and BPJS can be paid directly through the Top Up feature saving your employees the time and hassle of switching between different platforms/providers to pay their various bills.
- The Top Up function is linked to the payroll system, meaning employees don’t need to bother transferring money to various places, but instead can simply allocate their salaries to pay for basic needs or refill their E-Wallet.
- The app keeps a clear and organized list of withdrawal, top up and bill payment records so that employees can easily review a history of all their transactions and flows of funds in each period.Â
Multibank
Transfer
- With the mobile HR employees can easily transfer portions of their salaries to various desired bank accounts from within the same application. They do so without the transfer charges that normally occur between banks meaning neither the employee nor the company lose money to interbank administrative fees.
- Integrated with payroll all transactions are part of the payroll calculation and automatically deducted, removing dealings with various third parties entirely for both - the company and the employee. This makes the multi bank transfer feature in the mobile HR faster, safer, and more practical.
- Transfers are real time, eliminating the delays that are common when sending funds from one bank to another.
- In conjunction with the Benefits app, Workplaze offers companies the EWA (Earned Wage Access) program. With this program companies allow their workers to withdraw their salaries before payday so that they can obtain funds for emergencies or daily needs without having to wait.
- EWA gives employees access to the salary they are entitled to according to the number of working days. As such it is free of charges for interest rates and doesn’t interfere with the company’s cash flow.Â
EWA is one of the newest programs aimed at protecting employees from loan risks and thereby increasing employee loyalty and employee retention.
Background Data
The Majority of Employees Feel Stressed Out About Their Financial Problems
Workers choose companies based on Employee Benefits
According to the US Chamber of Commerce Foundation, more than 50% of employees agree that the benefits offered by the company determines their decisions to stay.
Rising number of Online loans have grown
Online loan users have increased by 134% and most of them are employees.
High monthly costs of Online loans
Online loan interest fees can reach up to 28% per month and that does not include penalty fees, admin fees, etc.
Creating Emergency Funds is still uncommon
Many employees still do not realize the importance of a good financial plan. This leads to them not preparing emergency funds leaving them overwhelmed when an unexpected situation arises.
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