New credit union partnership will help thousands of care workers
08 Jun 18
Shropshire Partners in Care (SPIC), a not-for-profit organisation representing over 240 independent nursing, residential, supported living and domiciliary care companies, has announced a new partnership with Just Credit Union.
The partnership will give employees of SPIC member organisations access to Shropshire’s not-for-profit community bank’s ethical financial services. SPIC will be suggesting to member companies that employees take advantage of a payroll deduction scheme which encourages regular saving.
Just Credit Union’s Chief Officer, Karen Farrow, said “The care sector in Shropshire and Telford & Wrekin is a significant employer and we are delighted to be working with SPIC to deliver a proactive programme that can help employees improve the way they manage their finances.
“The partnership clearly demonstrates the care sector’s commitment to social responsibility, and at the same time, provides assistance to their sector’s staff to gain the important benefit of saving directly from their wages.”
Nicky Jacques, Chief Officer at SPIC, said “This is a great chance for staff working in care to have access to a really easy way to start saving and we are delighted to be working with Just Credit Union to bring this opportunity to all our members and their employees.
Just Credit Union’s Business Development Officer, Steve Barras, said “Through this partnership thousands of staff will have the opportunity of enjoying the benefits of a safe and secure savings account. All our members’ money is protected by the Financial Services Compensation Scheme (FSCS) and covered by free life insurance at no additional charge.
“Our payroll scheme is a really easy way for people to start saving. I am very happy to discuss with SPIC members how the scheme might benefit them and their employees and the most appropriate processes and ways of promoting it for their business. Saving with Just Credit Union keeps money in the local economy so it’s good for the community as well as employees and their employers. It’s a win-win-win all-round.”
Steve said that statistics showed that employees who were in debt or had money worries were much more likely to suffer from stress leading to illness, absenteeism and reduced productivity. He added, “In a recent survey 70% of the workforce admitted to wasting a fifth of their time at work worrying about their finances. With many financial changes imminent, including likely cost of living increases and the restructuring of benefit payments, many employees are under an increasing amount of pressure.
“Helping employees to face these changes is now more important than ever and can also help with staff recruitment and retention. In addition to encouraging saving for a rainy day we also help members avoid the cost of expensive lenders by providing access to flexible loans at affordable interest rates.”