Honest Burger is now offering income streaming to its army of 730 staff to help them access their furlough pay early during the pandemic.
Income streaming gives workers early access to their accrued pay when they need it and provider Wagestream has extended its service to cover furlough pay from the Government during the crisis.
The premium burger chain has chosen to launch income streaming now to help their staff cope with any unplanned expenses and relieve the additional financial pressure the coronavirus crisis is placing on many UK households.
Wagestream’s new solution designed for the Coronavirus Job Retention Scheme means it will pay furloughed workers 50% of their accrued ‘furloughed pay’ on demand.
Wagestream — in partnership with Fourth — allows staff to draw down, or ‘income stream’, a percentage of their earned wages any day of the month for a flat £1.75 fee, without impacting employers’ cash flow. There are no loans involved and therefore no interest is charged.
Income streaming will reduce the financial stress associated with unexpected expenses thrown up by the coronavirus lockdown, with tens of millions of people nationwide facing mortgage payments, rent and utility bills alongside the very real prospect of job losses within households. This will be putting the finances of many households under intense pressure, creating an immediate need to release funds to workers.
Wagestream works with businesses across the leisure, pub, bar and restaurant sector and has been responding to the Covid-19 outbreak by making its income streaming service free to the NHS and its staff.
It has also introduced a fast-track on-boarding process for new clients, which means any employer can launch the service for its staff in 24 hours, as opposed to three weeks.
Wagestream is producing a webinar for workers that teaches them how to look after their money and has built an online resource hub that identifies what information and entitlements are relevant to them.
Kate Moscardini, head of people experience at Honest Burger, commented: “We are excited to partner with Wagestream and be able to give our employees an instant and accessible way to access their wages. We want to make things as easy as we can for our teams and Wagestream will be key in delivering that.
“By launching Wagestream now, it means our employees can access their furlough pay before we receive it from the Government which will ensure we are continuing to support them during these tough times.”
Peter Briffett, CEO and co-founder of Wagestream, commented: “We’re seeing a dramatic rise in interest from companies who are concerned about the additional financial pressure the Covid-19 lockdown is placing on the household finances of their staff.
“Many will have partners who have lost their jobs, lost income or been effectively locked out of the government’s furlough scheme altogether if they are recently self-employed or their employer has decided to make them redundant instead.
“We’re pleased that our service is useful at a time like this and we will continue to look for ways to help UK businesses affected by the pandemic.”