Thousands of Bupa Dental Care staff have now been given real-time access to their earned wages with earned wage access from Wagestream.
This follows nearly 11,000 employees in Bupa’s care services division gained access to the benefit in February, meaning once colleagues have completed shifts, they no longer have to wait until payday to access funds.
All 6,500 staff in Bupa’s dental division will also have the option to use Safestream — a micro-savings tool that collects regular, small sums straight from pay packets.
Both services will be delivered alongside a range of financial education tools provided by Wagestream in conjunction with The Money Advice Service. This also includes webinars to give staff advice on how to manage their money and an online resource hub that identifies information and entitlements that are relevant to them.
Jo Foster People Director at Bupa Dental Care, said: “Giving our dental teams access to their pay when they need it is a great way for us to give something back to much-valued employees who go above and beyond every day.
“The app will be particularly useful for any flexible workers and to track overtime and allow colleagues to access their pay as soon as they have earned it.
“Wagestream has proved immensely popular with staff in the Bupa care services division, so it made sense to roll it out to our dental services arm.”
Wagestream’s offering represents a revolution in pay which reduces the financial anxiety and stress associated with unexpected expenses. Staff can draw on a percentage of their earned pay any day of the month for a flat fee of £1.75. There are no loans involved and therefore no interest is charged.
More than 350,000 UK workers currently have access to earned wage access through Wagestream, with clients including household names like Rentokil, Brewdog, Zizzi, Roadchef, SA Brain, Fuller’s and Honest Burgers — as well as nine NHS Trusts.
A key advantage for employers is that the facility doesn’t impact the cash flow of businesses — so wages are paid by the employer as normal at the end of the month. For those firms who offer shift work, another immediate benefit is that it becomes easier to fill rotas, because income streaming restores the direct connection between work and pay. In fact, Wagestream data shows that workers enrolled in the service choose to work 22% more hours on average.
Peter Briffett, CEO and Co-Founder of Wagestream, commented:
“This rollout to thousands more Bupa employees is testament to the overwhelmingly positive reaction it has had from those in its care services division.
“We’re delighted that income streaming is proving its value not just in terms of workers’ personal finances but for employers too.
“Unexpected expenses threaten to make life much more difficult for many working families as the country navigates its way out of the coronavirus crisis, and the more employers can do to prevent those affected getting into debt the better.”