Would you like to help improve your employee’s well-being for free?
Enterprise Credit Union is a financial cooperative. When people join, they become MEMBERS and
they can save safely (savings covered by the Financial Services Compensation Scheme) and borrow
money affordably. Any surplus funds are shared between those who save with the Credit Union
annually in a dividend payment.
In addition, members savings and loans are insured, at no cost to them, so in the event of their
death, any loan is paid off and an additional savings amount paid to the beneficiary (T&C’s apply).
Because Enterprise Credit Union is a not-for-profit organisation, loan interest is fair and
competitive.
How You Can Help: Payroll Deduction
Payroll Deduction is a free and simple way of building financial resilience and well-being in the
workplace. Provided by Enterprise Credit Union, we offer your employees savings and affordable
loans deducted directly from their salary to help at every life stage. We work with your payroll
team to set up the process, and then we manage the administration.
We know that financial worries can have a negative impact on our well-being and work life.
Productivity, performance, decision making, and attendance can all be affected.
Save As You Earn is a free service to businesses which can help improve the financial health and
resilience of your employees whatever their circumstances. Research has shown that over half of
workers report that their current financial situation is a real worry, so offering your staff a payroll
deduction scheme for savings can make a big difference.
“55% of employees would like a savings and borrowing solution provided by their employer.
By using a credit union, employees can save through their payroll and have the opportunity
to borrow money at a fair and competitive rate.”
(Chartered Institute of Payroll Professionals – CIPP)
Research has shown that increasing levels of savings enhances people’s financial resilience and
their ability to deal with shocks such as unexpected bills. The COVID-19 pandemic has certainly
highlighted the importance of having savings to fall back on.
Here are some of the employers currently offering this convenient service as an employee benefit:
Save, borrow, and build a brighter tomorrow!
Saving through payroll deduction is easy and lets employees build up a financial safety net direct from their salary which can protect against financial setbacks. Regular saving is one of the first steps towards good financial health.
Enterprise Credit Union provides an affordable alternative to high street and high interest lenders, we offer a convenient way to repay, which gives your staff more financial control. To help
employees with financial planning and budgeting we make available a free range of online
tools and signposting. A practical way to support their financial well-being.
It couldn’t be easier to set up ECU Payroll Services in your workplace. We make it as stress-free as possible for our Payroll Partners by handling all day-to-day account queries and administration.
Support the financial wellbeing of your staff simply by signing up as an ECU Payroll Partner – with no risk or cost to you.
How does it work?
Cost: Almost every employer has various options for making deductions from pay, and all major payroll software packages support this arrangement. There is no charge from ECU to the employer for setting up Payroll Deduction, and there are no charges to the employee either (other than those the employee chooses – for example interest on a loan).
Eligibility: All businesses are eligible regardless of employee numbers and size. Your business must have a registered premises within Merseyside or Warrington.
Process:
• You agree with ECU the processes involved.
• We help you make the appropriate deductions and agree how often you send these to us, cut off dates etc.
• You promote ECU to your employees, offering the new payroll deduction option.
• Employees who want to join the scheme complete a membership form for ECU online and just select payroll deduction and select their employer from the list.
• We let you know the deductions to be made, and you make those deductions in the next (and subsequent) pay runs.
• You pay one lump sum to ECU and provide a schedule of the amounts deducted with a relevant reference which is their employee number.
• We credit payments to the members’ accounts, keeping them up to date, and handle any
account or deduction related queries.
• Employees can request withdrawals, make loan applications, change deduction amounts
directly with ECU by phone, by email or online via our app.
FOR MORE INFORMATION CONTACT: 0151 482 0177 OR EMAIL: contact@enterprisecreditunion.org