December was an expensive month for many, and we wanted to remind staff of what is in place to support them with their financial wellbeing and share some resources and links that you might find helpful.
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.
Interest-free 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.
Employee Assistance Programme
Our EAP provider can provide support with financial issues. The EAP service gives staff free day-to-day wellbeing support and access to an expert counselling service to help you and your immediate family at any time, 24 hours a day, 365 days a year.
The confidential helpline is also available to your immediate family, which includes a spouse, partner, registered civil partner, and children aged 16 to 24 in full-time education who are living in the same household. UK freephone: 0800 316 9337, or WhatsApp and SMS: 07418 360 046. Find out more on the EAP Sharepoint page.
Support from external providers
- Citizens Advice: independent and impartial advice, including consumer, debt, and budgeting information. You can speak to a debt advisor via live chat on their website.
- MoneyHelper: Provides free and impartial money advice. The MoneyHelper helpline is open Monday – Friday, 8 a.m. to 6 p.m.UK freephone: 0800 138 7777.
- National Debt Line: Dedicated to providing free and confidential debt advice to people across the UK. The National Debt Line is a charity run by the Money Advice Trust. UK freephone: 0808 808 4000.
You can find out more about the support available to staff on the financial wellbeing Sharepoint site.