Plugging in the on-demand feature to the pay model for employees
How often do we find ourselves wishing payday would come a couple of days earlier? Eyeing a big purchase and finding ourselves just a bit short? Earned Wage Access (EWA) aims to solve these problems as well as provide a host of other benefits to employees and employers.
Earned Wage Access enables an employee to retrieve their accrued pay any time before payday. Simply put, an employee can track and access their real-time earned money as they work.
EWA is a budding practice, first popping up in the early 2010s in the US. Since then interest in the service has been making its way across the globe, with several leading companies adopting EWA to innovate salary disbursal and encourage financial wellbeing among their employees.
On the surface one might mistake EWA for something akin to a payday loan but they’re both wildly different. For starters, EWA is not a loan and, therefore, does not charge any interest, it simply gives employees access to what they’ve rightly earned. When they find themselves needing a bit more money, staff members won’t have to put off plans till the end of the month. Employees can access their earned pay to bridge the gap and avoid steep interest rates that come with payday loans and other predatory short-term credit schemes.
This might sound like an expensive and daunting task for companies to reform and manage payroll in such a flexible manner, especially with a larger workforce. Refyne’s zero-cost, plug and play software simplifies this process, making it extremely convenient for employers and their Human Resource personnel and People Managers. Refyne’s mobile app lets employees check and access their accrued wages for a nominal fee with just a tap.
Earned Wage Access will completely change the way Indians look at their salaries and benefits. With such flexible control over one’s own pay it is easy for employees to ensure expenses align with their income, helping them build their personal finances.
To learn more about Earned Wage Access, click here.