Debt-free solution: Flexible payroll comes to PH
No more petsa de peligro? In the realm of compensation, some employees have embraced benefits packages that offer earned wage access (EWA), a system that allows wage earners to access a portion of their earned salaries and get paid on demand.
With the help of Paywatch, Asia’s leading EWA service provider, more than 300 businesses in Asia have enrolled to extend this benefit to their employees.
“Financial stress contributes to retention and productivity issues. This is a pervasive challenge globally, where one out of five employees admits that productivity at work has been impacted by financial stress,” Paywatch cofounder and president Alex Kim says.
A 2019 study by Visa revealed that from a sample of 1,000 American workers spanning various industries, 89 percent expressed willingness to extend their work hours for a company offering EWA, while 79 percent indicated they would consider switching to an employer that provides the same benefit.
“This is the time that the employer should actually take advantage and introduce this innovative solution to their employees, because they actually need it and they will appreciate it,” Paywatch Philippines president Roe del Fierro says in a media briefing.
While the concept of EWA started in the United States, Paywatch Philippines founded the company to provide a debt-free solution that protects employees from unnecessary high-interest loans.
Paywatch reports an average of 3.9 monthly withdrawals per user, with a 70-percent user activity rate at companies that allow EWA.
“We have seen how EWA restores people’s dignity. They no longer need to borrow from colleagues or friends to settle their utility bills or have fares for public transportation so they can report to work,” Del Fierro adds.
While these benefits sound promising, Del Fierro emphasized that EWA is distinctly different from a loan or a salary advance and it cannot be used for significant expenses like tuition fees. Instead, its primary purpose is to assist in managing day-to-day expenses and bills.
How it works
When employers partner with Paywatch, it enables their employees to access their salaries through the app. For every employee withdrawal, Paywatch will disburse the money and simply bill the company on their regular payday schedule.
Upon registration, employees can withdraw their earnings with a convenience fee of P38 per transaction, without interest charges.
Capped at a maximum transaction size of P3,500, withdrawals become available once the balance is reflected on the app.
Paywatch is the region’s first bank-backed EWA provider, with support from United Overseas Bank, OCBC Bank, Hana Bank, Visa and more. It has also received approval from regulatory bodies such as the Securities and Exchange Commission and Financial Services Commission.
Present also in Malaysia, South Korea and Indonesia, among their more than 300 existing partners include Pizza Hut, KFC, Outback Steakhouse, Guardian and Jaya Grocer by Grab.
In the Philippines, real estate developer Shang Properties, hospitality group Shangri-la Hotels and Resorts, agribusiness group Wilmar International and lifestyle delivery app Pick.A.Roo are among the 30 companies that have selected Paywatch as their EWA partner.
“From our experience in Malaysia, our data show that EWA users are three times more likely to stay on their jobs compared to non-EWA users. This success in talent retention is something that we also want to replicate for our clients here in the Philippines,” Kim says.
News Related
-
Anyone who’s purchased gift baskets to hand out to loved ones this holiday season might need to find a backup present after the latest food recall that involves festive cookies. Gift basket company Wine Country Gift Baskets just announced that it is voluntarily recalling all gift baskets that feature Acorn Baking ...
See Details:
Recall Just Announced For Popular Cookies Featured In Holiday Gift Baskets
-
LOS ANGELES: Quarterback Jalen Hurts ran in an overtime touchdown to give the Philadelphia Eagles a 37-34 NFL win over the Buffalo Bills Sunday (Monday in Manila) and move them to 10-1 on the season. The Eagles, who lost the Super Bowl to Kansas City last season, trailed at half-time ...
See Details:
Eagles rally past Bills in overtime as Chiefs win
-
Yen Makabenta First word WHILE UN Secretary-General Antonio Guterres and other promoters of the climate emergency are preparing to convene the 28th conference of the parties (COP28) of the UN Framework Convention on Climate Change (UNFCCC) in the United Arab Emirates, starting on November 30 and stretching to December 12, ...
See Details:
Reality bites the green energy agenda
-
Sandigan orders Marcos Sr. pal to pay workers The Sandiganbayan has ordered the enforcement of a July 2023 ruling ordering a Marcos Sr. associate to pay a lumber company’s workers P2.1 million in damages as well as return 60 percent of their company’s shares and pay all unpaid benefits. The ...
See Details:
Sandigan orders Marcos Sr. pal to pay workers
-
DSWD: Shear line, LPA affect 1.2 million people; over 18,000 families evacuated MANILA, Philippines – More than 18,000 families have fled to evacuation centers across flood-affected regions in the country due to the impact of the shear line and low pressure area. Department of Social Welfare and Development (DSWD) gave ...
See Details:
DSWD: Shear line, LPA affect 1.2 million people; over 18,000 families evacuated
-
-
MANILA, Philippines: The entire Luzon, including Metro Manila, is expected to experience isolated rain showers and thunderstorms as the northeast monsoon (“amihan”) and easterlies will be affecting the country over the next 24 hours, the state-run weather agency said on Tuesday. Weather specialist Patrick del Mundo of the Philippine Atmospheric ...
See Details:
Rain showers, thunderstorms over Luzon, including Metro Manila — Pagasa
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
'Naruto' live-action film adaptation is in the works
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
NASA Highlights Stingray Nebula
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Manila's Lagusnilad underpass opens
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
China probes debt-ridden financial giant
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
China's VUCA situation
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Unraveling the mystery that is diabetes
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Bangladesh's nuke plant is not going to steal PH investments
OTHER NEWS
ALIW Awards Foundation Inc. President Alice H. Reyes has released the names of finalists for the 2023 Aliw Awards to be presented on Dec. 11, 2023, at the Manila Hotel ...
Read more »
WhatsApp Web gains the feature of single-view photos and videos (Photo: Unsplash) The WhatsApp Web, the desktop version of the popular messaging app from Meta, has received an update allowing ...
Read more »
Young athletes’ time to shine in Siklab Awards MANILA, Philippines — The future heroes of Philippine sports will be honored during the third Siklab Youth Sports Awards on Dec. 4 ...
Read more »
Graphics by Jannielyn Ann Bigtas A local government official said Monday that five to 10 barangays in Northern Samar are still isolated following the massive flooding in the area last ...
Read more »
DyipPay app lets you pay jeepney fare, book tricycles “Barya lang po sa umaga.” Everyone who rides jeepneys knows this rule: it may not be an actual law, but it’s ...
Read more »
Updated In-Season Tournament Bracket ahead of pool play finale Tuesday will mark the last day of pool play for the inaugural NBA In-Season Tournament. From there, six first-place teams and ...
Read more »
PCG forms teams for maritime emergency response MANILA, Philippines — Recent incidents of fishermen lost in the waters off Southern Tagalog have prompted the Philippine Coast Guard (PCG) to form ...
Read more »