Revolutionary plan will see workers paid wages the same day they earn them
Industry News | 20/06/20
Chancellor Rishi Sunak is set to look at a plan which could let struggling workers draw pay as soon as they’ve earned it.
The scheme would end the wait for a monthly wage and ease cashflow problems hitting millons during the Covid-19 pandemic. The proposal by ex-Labour Treasury minister Phil Woolas would mean you could use an employer’s payroll like a current bank account – instant access to your money but without any overdraft facility. Financial Secretary Jesse Norman now has the scheme in his in-tray. The Bank of England is interested in it and it’s backed by payroll providers covering 14.6 million employees.
Source: The Mirror
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