Sodexo has appointed workplace lenders, Salary Finance, to offer its UK employees a new financial wellbeing benefit.
All Sodexo employees will have access to an online platform 24/7 hosted by Salary Finance which will provide free financial education including videos, life guides, webinars as well as tips and tools such as savings calculators, budgeting tools and access to credit scores.
Research from Salary Finance shows that financial wellbeing can directly affect people’s physical and mental health. It found that 51 per cent of the UK are worried about money. This worry can negatively impact someone’s everyday life and lead to sleepless nights, increased anxiety, stress, panic attacks and even depression. According to Salary Finance money worries far outweighs worries about careers (22 per cent), health (18 per cent) and relationships (14 per cent).
The new benefit scheme will also offer Sodexo’s employees access to apply for affordable loans repaid through their salary. Provided by Salary Finance the low-cost loans are aimed at helping people to consolidate debt through affordable lending as an alternative to credit cards, payday loans and overdrafts. Once the application has been agreed the loans [which have a representative rate of 12.9 per cent APR (fixed)] are repaid directly from an employee’s salary.
Mark Goodyer, HR Director, Sodexo UK & Ireland said: “The health and wellbeing of our people is a top priority. The financial pressure of modern life and the increasing cost of living means many people are worrying about money. By offering this new scheme we hope to provide a valuable service which we hope will go some way to reducing financial stress. There is no obligation for any of our people to use this scheme, we simply want to support our people the best way we can by making available a service which will help them manage their financial wellbeing.”
Salary Finance launched in 2015, its clients include 20 per cent of the FTSE-100 and a total of more than 4.5 million workers. It is authorised and regulated by the Financial Conduct Authority.
Sodexo provides its employees with access to a wide range of employee benefits programmes which support their health and wellbeing. These include an Employee Assistance Programme with telephone, face-to-face and online support; an online library of micro learning modules; external mental health support schemes; YuLIfe, a digital health service with access to a 24/7 GP as well as Sodexo Discounts, an online platform enabling users to save on their shopping and the option to apply for a Spree card, a prepaid card which can be used wherever Visa is accepted and provides up to five per cent cashback from a number of leading retailers.
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