Tuesday, May 5, 2020
Supermarket workers accessing pay as they earn it
To support supermarket workers who remain on the job during the COVID-19 crisis, New York City-based DailyPay launched a number of initiatives, including one that enables employees to access their pay as they earn it.
DailyPay, a sofware-as-a-service fintech solutions company, stated it provides an on-demand platform to more than 2 million employees at companies such as Kroger, Adecco and Berkshire Hathaway.
Initiatives undertaken for supermarket employees include the following:
- Powering their DailyPay benefit programs to give employees access to their pay as they earn it, as compared with the traditional two-week pay period.
- Enabling employees the opportunity to save an average of $1,205 per year in reduced fees from loans, overdraft and late fees, according to a March 2020 DailyPay user survey.
- Introducing a $0 next-day transfer fee for all employees to remove barriers to earned income access during this critical time.
- Creating a series of free online financial literacy webinars to answer questions about managing through the COVID-19 crisis, including navigating the stimulus package.
- Educating employers about changes and trends happening in the supermarket industry through the DailyPay Workforce Index to raise awareness about additional financial needs for employees, including adding/offering bonuses and/or shift differentials.
Assisting essential workers
"We feel fortunate to be in a role where we can support these requisite businesses and essential workers," said Jason Lee, CEO of DailyPay. "Offering DailyPay to leading businesses ensures that families have food on their tables and medical supplies at a time when these items are most needed. These courageous folks who are going into work every day deserve to be compensated instantly so they can safeguard themselves and their families. We salute our partners for making this benefit available."
Companies have realized how important giving employees instant access to their earned pay is, especially as protection during emergencies, DailyPay noted, adding that since the COVID-19 crisis came to the United States, DailyPay has seen an increase in businesses signing on and accelerating launches so their staffs can feel more secure during these challenging times.
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