Car services retailer European Tyre Enterprises (ETEL) has given its 7,000 employees the chance to access their pay early, as well as offering wellbeing tools to help employees avoid financial stress.
The organisation, which owns Kwik Fit (pictured) and Stapletons Tyre Services, will give employees the flexibility to access a portion of their pay, as and when they earn it, through Wagestream’s payment app, for a flat fee of £1.75.
ETEL is also offering financial education tools to employees through Wagestream’s financial education service in conjunction with The Money Advice Service. The service educates employees on how to look after their money through webinars and other online resources.
An additional service that is available to ETEL employees is Safestream, a micro-savings tool which allows employees to put aside a small proportion of their salary each month.
Paul Binks, group people director at ETEL, said: “Wagestream has already been adopted by a raft of household names and we are pleased to be able to offer the service to our employees.
“We are very excited about the financial education tools this platform will deliver for us. In addition, giving staff access to money they have already earned so they can meet unexpected expenses helps them to avoid having to turn to payday lenders and other short-term credit providers.”