Bupa care workers get instant access to wages without waiting for pay day

Bupa Care Homes has become the first major care home company to help employees take control of their finances by introducing an income-streaming app.

The Financial wellness app Wagestream will offer nearly 11,000 Bupa colleagues’ instant access to their earned wages without needing to wait for pay day.

Staff can draw a proportion of their salary as they earn it, in order to help with planned or unplanned expenses.

The app is especially effective for those who work flexible shifts or overtime, as it means that they can get instant access to their additional pay as soon as they’ve earned it.

Data shows workers enrolled in the service choose to work 22 per cent more hours on average

Other employers to have signed up with Wagestream include Rentokil Initial, Hackney Council and Roadchef.

Rebecca Pearson, operations director for Bupa Care Services said: “Wellbeing is about more than physical health. It includes everything our people need to be at their best, including financial stability.

“No matter who you are, there will always be times when you face unexpected costs, whether it’s a broken-down car or an unforeseen vets bill.

“Whatever the reason, by introducing Wagestream, we’re allowing colleagues to access their earned wages ahead of payday, so that they’ve greater control over their finances when they need it most.”

The introduction of the app is also aimed at helping improve staff retention and preventing staff from turning to agency work.

Wagestream data shows workers enrolled in the service choose to work 22 per cent more hours on average. This is because income streaming restores the direct connection between work and pay.

Bupa employs nearly 11,000 staff at its 125 care homes and eight care villages across the UK. Early figures suggest that 25 per cent of staff have enrolled on Wagestream, with more than 1,300 people so far have streamed funds, averaging £73 per use.

Ms Pearson said: “Our colleagues have told us that one of the attractions of agency work is that it pays weekly, meaning they can get quicker access to their pay. By introducing Wagestream, we’ve gone one step further, offering them instant access to their earned wages instead.”

While the app allows much greater financial flexibility, Bupa has set a cap on the amount that can be accessed to help ensure that colleagues don’t see a significant shortfall in income the following month.

Colleagues can also choose to set their own personal limits within this – whether that’s for the percentage of their total pay, total sum accessed or number of transactions.

’Employers are increasingly realising how important it is to look after the financial wellness of their staff’

Wagestream's goal is to end the payday poverty cycle so free financial advice is also available both via the Wagestream app, which is provided in partnership with The Money Advice Service and The Money Charity and Bupa’s Healthy Minds hotline.

The helpline can be accessed free of charge 24/7 and provides support with anything relating to mental health and wellbeing, including financial planning.

Peter Briffett, chief executive at Wagestream, said: “Employers are increasingly realising how important it is to look after the financial wellness of their staff, and income streaming is one of the most effective ways they can do this.

“We actually launched with Bupa late last year, so we could help in the run-up to Christmas. It meant that colleagues who’d worked overtime could access their pay for things like Christmas shopping – as well as spreading their pay over the five weeks between December and January pay dates. It’s already had a great response.”

Wagestream is authorised by the Financial Conduct Authority and supported by charities including the Joseph Rowntree Foundation.

For more information about Wagestream click here

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