"We are urging employers to join our free payroll scheme to provide a benefit to staff that can help to create a lasting impact on their health and wealth."
BUSINESSES are being urged to support their workers to become more financially resilient and improve staff retention.
Manchester and Salford Credit Unions have partnered with more than 30 of the region’s largest employers, from Wythenshawe Hospital to Salford City Reds, to help save their members £4million collectively in the last 12 months in loan interest and supported hundreds of people to save and break a cycle of debt through payroll deductions.
Now the organisations have joined forces to launch the cities’ first ever Credit Union Awareness Week to challenge more employers in the region to adopt the free payroll partnership scheme to improve the wealth and wellbeing of staff.
Chief executive of Manchester Credit Union, Christine Moore, said: “Many companies are recovering from the recession, but this may not be the case for many of their workers. People in the city, from working families to young men and women who are at the start of their careers, are using expensive credit cards or payday loans when in a financial crisis, whether that be when a washing machine breaks down or unforeseen car repairs crop up - and this cycle of debt is not easy to break.
“So we are urging employers to join our free payroll scheme to provide a benefit to staff that can help to create a lasting impact on their health and wealth. It will also boost companies’ corporate social responsibility, as well as support the local economy.”
The scheme works by giving staff the opportunity to join the credit union through payroll, employees can then decide an amount to save or borrow that will be deducted directly from their pay.
One of Manchester Credit Union’s payroll partners, Northwards Housing, is led by example, with chief executive Robin Lawler also being a member of the union.
He added: “I can wholeheartedly recommend that Northwards staff become members of an ethical lender who make saving easier by salary deduction. This enables you to save painlessly for holidays, Christmas and other special occasions.”
The Credit Union Awareness Week campaign has also been backed by actress and socialist Maxine Peake along with some of the two cities’ leading organisations from Wythenshawe Hospital, Great Places housing group, and Salford Council to Salford City Reds and Labour MPs Mike Kane, Rebecca Long-Bailey, Barbara Keeley and Lucy Powell.
Maxine added: “I am supporting the Credit Union Awareness Week as the money is for the people and stays in the cities to help people take control of their money matters – with no big banker bonuses. Let’s help Mancs not banks!”
Credit Union Awareness Week is being held from October 17 to 21 #CUAW2016 to link in with International Credit Union Day on Thursday, October 20.