App allows NHS workers immediate access to their pay for free
Wagestream has waived all fees to both NHS employers and staff to allow as many key healthcare workers as possible to get hold of their pay when they need it rather than having to wait until the end of the month.
The service enables employees to receive a percentage of their accrued earnings anytime during the month. They can draw down earned funds using a mobile app for a flat fee of £1.75.
Wagestream also typically charges firms at least £1.50 per employee per month for the service but both fees have been slashed to zero to help the NHS navigate the Covid-19 crisis.
Caps usually apply to the percentage of earned pay that staff are allowed to draw down but, during the crisis, any shift tagged as related to Covid-19 on the Wagestream portal will be automatically eligible for fast, same-day payment of 80% of money earned once that shift ends.
The company said it hopes this will help prevent labour shortages by helping medical staff and other key workers deal with extra expenses they may face by working additional shifts.
The platform will also facilitate automated daily payment of statutory sick pay where trusts upload the names of those employees who are unwell and self-isolating.
Peter Briffett, chief exective and co-founder of Wagestream, said: “We’ve all got to do our bit during this crisis, and we find ourselves able to provide NHS workers and employers with a service that is a uniquely invaluable weapon right now.
“Everybody faces unbearable uncertainty at the moment and this misery will be compounded by unexpected expenses. We’re waiving all fees to ensure these vital workers can get at their pay when they need it.”