Payment organisation Paypal is giving its US employees early access to their pay to support their financial wellbeing during the Covid-19 (Coronavirus) pandemic.
The organisation, which employs over 21,000 staff globally, has partnered with incoming streaming platform Even. The service will give employees the flexibility to access as little, or as much, of their salary as they need without having to wait until pay day.
The platform, which can be accessed via an employee’s desktop, mobile, or through SMS, also provides employees with the opportunity to automatically budget, grow their savings, and have full visibility into their pay. The app, which was communicated to employees via Paypal’s internal email system, is employer funded, so employees will not have to pay to access the service.
Paypal plans to introduce equivalent early wage access services to its staff working in other countries early next year.
Dan Shulman, chief executive at Paypal, said: “Over the past year, we have made significant investments to strengthen the financial health of our workforce. We have made substantial progress to increase the net disposable income of all our employees, and our work with Even will help drive further improvements. Together, we will help employees safely navigate cash flow challenges, stay on budget, build financial resilience and reach long-term savings goals.”