“Where’s my salary?” It’s a question that no worker should ever have to ask. And yet according to the Internal Revenue Service, 33% of workers in the US experience problems with their pay check. Even worse, 40% of those workers immediately start looking for another job. And that’s just the US. When you add global payments into the mix, things get complicated fast. Intermediary banks have unpredictable schedules and public holidays. Some of them take a cut of the transfer. Others charge huge markups on currency exchange. Unless you have total control over the payment from send to land, you’re always at the mercy of third parties. That’s why we built a bespoke global payments solution for workforce. Papaya Global customers can pay workers in the local currency of 160+ countries at the touch of a button, with full liability and guaranteed land dates. In fact, 80% of our payments land on the same day. But enough boasting. If you’re curious to learn more, check out our e-book in the link below. https://lnkd.in/gwNftxH9 #payroll #payments #workforce
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All organisations need be aware of the legal and regulatory requirements for payroll management in South Africa. Failure to comply with these requirements can result in serious penalties and fines. This article shares are a few crucial points to keep in mind: https://bit.ly/439knjl #Payroll
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Data Analyst @ invest2innovate (i2i) | Data Analytics & Statistical Learning | Startups & Venture Capital | Khudai Khidmatgar 🚩
Earned Wage Access is set to revolutionize wage disbursement, especially in developing countries like Pakistan. Quick and easy access to earned wages can significantly ease general expenses such as utility bills, healthcare, and education. The advantages extend beyond workers to companies as well, as reduced financial stress boosts employee productivity and leads to higher retention rates. Embracing EWA means fostering a more financially stable and motivated workforce, benefiting everyone involved. #EWA #FinancialInclusion #EmployeeRetention #ProductivityBoost #Startups #WageAccess #FutureOfWork
Earned Wage Access (EWA) is a game-changer for salaried individuals, allowing them to access their earned wages before payday. Providers like Abhi (YC S21) and EZWage offer these services either through their platforms or by integrating with employers' payroll systems. The EWA model comes in two forms: 🔗 B2B Model: EWA providers partner with companies, enabling employees to withdraw their earned wages directly. 🔗 B2C Model: Salaried individuals can access their wages directly from the EWA provider, even if their employer isn't partnered with the provider. 💡 How do the benefits look like? • Quick access to cash, which is crucial in Pakistan's high-inflation environment. • Reduced financial stress, helping with expenses like medical emergencies, education, and utilities. • No paperwork and enhanced user experience. • Reduced HR and Finance burden. • Increased productivity due to less financial stress among employees. • Higher employee retention and lower turnover costs. ⚠️What are the challenges? • Potential data privacy issues when sharing payroll information with EWA providers. According to The World Bank, the top financial concerns for Pakistanis include paying monthly expenses, medical emergencies, and education costs. EWA can address these issues, making services like Abhi (YC S21) and ezWage incredibly valuable in this market. #FinancialInclusion #EWA #Fintech #FridayFeature Amna Masood, Muhammad Qasim, Farwa Zahid, Ahtasam Ahmad, Merai Syed, Sarah O. Munir, Duaa Asif
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In our latest #FridayFeature at Invest2Innovate (i2i), we talk about Earned Wage Access as part of a broader trend in financial inclusivity. Solutions that offer immediate access help mitigate the impacts of high inflation and financial emergencies. If you are in Pakistan and building something around this, would love to hear about it!
Earned Wage Access (EWA) is a game-changer for salaried individuals, allowing them to access their earned wages before payday. Providers like Abhi (YC S21) and EZWage offer these services either through their platforms or by integrating with employers' payroll systems. The EWA model comes in two forms: 🔗 B2B Model: EWA providers partner with companies, enabling employees to withdraw their earned wages directly. 🔗 B2C Model: Salaried individuals can access their wages directly from the EWA provider, even if their employer isn't partnered with the provider. 💡 How do the benefits look like? • Quick access to cash, which is crucial in Pakistan's high-inflation environment. • Reduced financial stress, helping with expenses like medical emergencies, education, and utilities. • No paperwork and enhanced user experience. • Reduced HR and Finance burden. • Increased productivity due to less financial stress among employees. • Higher employee retention and lower turnover costs. ⚠️What are the challenges? • Potential data privacy issues when sharing payroll information with EWA providers. According to The World Bank, the top financial concerns for Pakistanis include paying monthly expenses, medical emergencies, and education costs. EWA can address these issues, making services like Abhi (YC S21) and ezWage incredibly valuable in this market. #FinancialInclusion #EWA #Fintech #FridayFeature Amna Masood, Muhammad Qasim, Farwa Zahid, Ahtasam Ahmad, Merai Syed, Sarah O. Munir, Duaa Asif
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WPS fines up to AED 20,000? 😱 99% of the UAE private sector uses WPS, but full compliance remains tricky. Losing sleep over compliance? Learn how to make WPS your ally with Cercli (YC S23). Simplifying payroll for modern MENA teams. ✅ Stay compliant effortlessly ✅ Avoid costly penalties ✅ Turn payday into a breeze Ready to say goodbye to payroll headaches? 🔵 Read our latest insights: https://bit.ly/3L3o8id 🔵 Book a demo to see Cercli (YC S23) in action: https://bit.ly/4eLh3AD Let's make WPS work for you, not against you! 💪🇦🇪 #WPS #MoHRE #Payroll #MENApayroll #PayrollAutomation #ComplianceMadeEasy #PayrollSimplified #Cercli #Payments #BookADemo #UAEBusiness
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Award winning Fintech PR & Communications Professional || #Fintechgirl || DFS Consultant || ESG & Sustainability || Digital literacy & Financial inclusion Advocate
Do you still write checks for payroll?🤔🤔🤔 Today's post is for #HRprofessionals and #financedirectors who manage payroll. Processing payroll can be time-consuming. In the past, some companies required employees to bank with them for faster salary payouts. Thankfully, digital payments have revolutionized the process! Ghana's Automated Direct Credit service allows businesses to make batch payments (multiple recipients with different accounts) directly to their bank accounts nationwide. This means employees receive their salaries on payday regardless of their bank. Here's the best part: You have three crediting options: 💫Near Real Time: Employees receive salaries within 15 minutes! 💫4-Hour Credit Window: Salaries arrive within 4 hours. 💫24-Hour Credit Window: Standard option for next-day credit. All Ghanaian banks offer this service. So, if you're a company seeking efficient payroll solutions, ask your bank about ACH Direct Credit. Did you learn something new? Share your thoughts in the comments! #payments #humanresource #payroll
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On November 30, 2020, the Consumer Financial Protection Bureau (CFPB) issued an Advisory Opinion on Earned Wage Access (EWA). To qualify as a “Covered EWA Program” and therefore not be designated as providing credit, the EWA Vendor must meet ALL SEVEN of the following criteria: 1. The contract for EWA services is with the EMPLOYER, not the employee 2. The EWA transfer amount does not exceed the ACCRUED VALUE of earned wages based on DATA PROVIDED BY the employer 3. The employee does not have to pay to use the EWA benefit or access funds (beyond a nominal processing fee), and the funds are delivered to an account OF THE EMPLOYEE’S CHOOSING 4. EWA funds recovery is only via a PAYROLL DEDUCTION 5. The EWA vendor does not claim remedy for non-recovery of funds 6. The employee is notified of the contract for access to the EWA program and funds 7. The EWA vendor does not do a credit check on the employee Be sure to evaluate your current or prospective EWA Provider against the seven CFPB criteria. 👉 Ready to talk to an EWA Provider who complies with the CFPB as a Covered EWA Program? Contact us today: https://lnkd.in/g7BCHjrv #FinancialWellness #FinancialWellbeing #EarnedWageAccess #EWA #EmployeeBenefits #Payroll #HRBenefits #HumanResources #HRDirectors #HRManagers #PayCon
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I posted the below during the weekend, but I wanted to be sure my network saw this post. 📢 Exciting Update for Payroll Professionals: Minimum Wage Increases in China, Paraguay, and Chile! These changes represent significant strides towards enhancing living standards and economic well-being worldwide. 📈💼 Stay informed and ensure your payroll processes are up-to-date with these new regulations. Let's continue to support global economic growth and fair wages for all! 🌍💪 #Payroll #GlobalEconomy #FairWages #HR #MinimumWage #PassionForPayroll #GlobalPayroll #InternationalPayroll #PayrollProfessionals Subscribe to PayrollOrg for more resources and educational opportunities. https://lnkd.in/guk5SWx8
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In the next 5 years, every African company will be buying a payroll/HRM system/product. This statement might have seemed too ambitious 2 years ago, but today, after analyzing the adoption curve (totally unscientific btw), I am 75% certain that this prediction will come true. While there is still a large informal sector that needs to be addressed, this market is opening up, and it's going to be exciting to watch and have a say in how it evolves. Stay tuned! #Africa #HRM #Payroll #BusinessGrowth
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COSASE report reveals abuse of payrolls in gov’t agencies https://lnkd.in/dz8aAH-9 - The Cooperator News KAMPALA, October 18, 2024 — Parliament’s Public Accounts Committee on Commissions, Statutory Authorities, and State Enterprises [PAC-COSASE] has raised concerns over the mismanagement of salary payrolls across various government ministries and departments. The queries were contained in a report presented to the House during a plenary session chaired by Speaker of Parliament Anita Among yesterday. According to the report, an audit conducted by the Auditor General on the financial statements of 13 ministries, departments, and agencies [MDAs] revealed that salary payrolls for the past four financial years [2019/2020 to 2022/2023 exhibited inconsistencies in employee details, such as names and personal …
COSASE report reveals abuse of payrolls in gov’t agencies
https://thecooperator.news
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Senior Consultant - Finance & Accounting at people2people, B.A. Arts - Media & Communications. Contact: kristina@people2people.com.au, 0422805517
The Australian Bureau of Statistics has reported a significant rise in Payroll jobs from mid-January to mid-February this year. With the report stating that the Northern Territory, Victoria and South Australia have seen the strongest rise in Payroll jobs, they attribute this to students and workers in the education/training industry returning to work. https://lnkd.in/eP2pj3UD #payrolljobs #brisbane #people2people #accountingbrisbane
Payroll jobs see standard seasonal rise in February
hcamag.com