In partnership with the BOOM! Credit Union, Manor Royal Savers is a Save As You Earn (SAYE) scheme to encourage employees to save regularly direct from their pay. It provides an ethical form of saving and access to affordable credit and more.
• A hassle-free employee benefit, facilitated by the Credit Union.
• A dedicated webpage for your organisation on the Boom website, with Manor Royal and your organisations branding, for staff to enrol on the scheme.
• Protecting staff at risk of falling into financial difficulties and helping them to avoid high-interest payday lenders.
• Helps to avoid salary advance requests.
• Ethical saving option with a regulated and trusted not-for-profit organisation.
• Secure and accessible savings that are 100% protected by the FSCS.
• Credit Union Membership with online account management.
• Access to reduced interest rates on loans repaid through the SAYE scheme.
• The health benefits associated with financial wellbeing.
The employee signs up on line (or on paper). Once the deduction is confirmed in writing, the Credit Union sends deduction details to the company each month. When the payroll is run the company sends a single BACS payment to the Credit Union who allocate the sums to each account.
"ILG works with Boom Credit Union to provide Save As You Earn for our staff across all six of our sites in the South East, including our main hub in Manor Royal. We were concerned that some staff may approach short term, high-interest lenders, particularly at expensive times of the year, such as over the school holidays and at Christmas and wanted to promote financial wellbeing amongst our teams. To promote awareness of the scheme, we arranged for representatives of Boom to provide drop-in sessions to introduce the scheme and help staff sign up, and these sessions now form part of ILG's annual health and wellbeing month" - Grace Lord, HR Manager, ILG
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Or call: 01903 228 493