Here at CLEVR Money, we take great pride in working on behalf of our local community. It’s in our DNA, in the ethical way we lend money and the not-for-profit nature of our business model. Any profits we generate are ploughed back into the business and improving the lives of our members and the communities in which they live and work. One clear indication of this commitment can be seen in the credit union employee benefits offered by our Payroll Partners scheme.
Our credit union employee benefits are provided free of charge to employers who wish to become Payroll Partners with us. Once this happens, the credit union employee benefits are varied and easily accessed. In simple terms, we want to encourage sound financial management amongst our members by making it easy to save responsibly, while also opening up access to our affordable loans.
When an employee applies for membership with CLEVR Money they can have savings deducted directly from the payroll and placed in their account. There is very little additional work for the employer as the scheme is operated entirely by CLEVR Money, with all responsibility in our hands. The agreed amount will be paid directly from the employees’ salary after tax and will be marked clearly on any pay slip to avoid confusion.
The credit union employee benefits of being part of the scheme are numerous. Having an affordable amount deducted directly from a salary is the quickest and simplest way to build up a savings pot, with even a small regular amount soon building into something more substantial. Members of CLEVR Money who are part of the scheme can opt to open Christmas Saver accounts or build up savings for a special event such as a holiday or family wedding.
The credit union employee benefits also extend to giving members online access to manage their account and loans which come with no set up fee or early repayment penalties, and payment plans which are affordable and reasonable. When repaying their loans, employees will also build their savings by a minimum of £10 a month, encouraging sound financial management.
For Payroll Partner employers, encouraging employees to save responsibly and borrow affordably has its advantages. It could help to reduce absenteeism, sickness and staff turnover – particular with regard to debt-related stress issues – and boost the corporate social responsibility credentials of an organisation.
The effectiveness of the Payroll Partners scheme and the range of credit union employee benefits it offers is clear when you consider organisations which have already joined CLEVR Money including Blackpool, Fylde, Wyre and Preston City councils, as well as numerous local housing associations, a large number of schools, healthcare organisations and local businesses like Bidfresh and Danbro. To discuss becoming a Payroll Partner or to find out more about our credit union employee benefits, email firstname.lastname@example.org or call our Business Development Manager Anthony on 01253 478886 for an informal chat.