SalaryFlex™ partners with employers to provide their employees with access to their salary* weekly, fortnightly or on demand
No interest, setup or late fees^
* Up to $2,000 per employee per pay cycle^ A transaction fee per advance applies (employer elects who pays it)
Businesses should “integrate Financial Wellness into their broader wellbeing and HR agenda so they can both drive productivity improvement and reduce WH&S risks”.
- AMP Financial Wellness Report, September 2022
In Australia, more than 50% of employees say pay-on-demand would reduce their financial stress and they would take it up if it was offered by their employer.
— Pay in the new economy whitepaper, Ernst & Young and Flare HR, March 2022
Financial stress is a productivity killer.
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1 in 2 households live paycheck to paycheck
This is not only a low-paid workers’ phenomenon.
1 in 4 Australian households earning $150,000 - $200,000 per year, and 22% earning >$200,000 per annum, also live paycheck to paycheck.
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Pay cycle misalignment
Most employers have monthly or fortnightly pay cycles, whereas employees often have financial commitments or unexpected expenses which don’t align with the pay cycle.
This can lead to employees seeking high cost loans and credit solutions which exacerbate financial stress.
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50% of workers suffer financial stress
Financial stress negatively impacts on productivity, engagement and overall health.
50% of all Australian workers reported some level of financial stress.
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$67B in lost productivity annually
3 million Australian workers suffer severe or moderate financial stress, costing $67B in lost productivity annually.
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1.9 billion hours of productivity lost annually
EACH of Australia’s 3 million workers who are severely or moderately financially stressed suffer ~12 hours of lost time PER WEEK at work, comprising 10.9 hours of lost productivity and 0.9 hours of sick leave.
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Knowledge Gap
There is a substantial budgeting & money management knowledge gap, even in high paid, well educated employees.
SalaryFlex Benefits
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