We are conscious that this winter may bring challenging times financially for some in our community. One way in which we aim to support our staff is through the introduction of a new interest-free Salary Advance scheme.
This interest-free advance of salary provision is intended to help employees manage short-term cash flow problems and/or unexpected one-off costs, by providing the option of a short-term, interest-free advance of salary where other more expensive borrowing options might otherwise be pursued.
Salary advances are available to permanent and fixed-term employees who have at least six months’ continuous service at the point of payment. Advances are for a maximum of £1,200 or 75% of an employee’s net monthly pay (“take-home pay”), whichever is lower, and repayable in five monthly instalments.
The application process is confidential and not subject to line management approvals. Applicants will be asked to self-declare that an unexpected financial need exists, in accordance with the scheme’s intention to help employees manage short-term cash flow problems and/or unexpected one-off costs.
To read more about the scheme or to apply, please visit the Interest-Free Salary Advance SharePoint page.
