Payroll Deduction Scheme

Payroll

Payroll Deduction Scheme

Payroll Deduction Scheme

Payroll

Payroll Deduction Scheme

Scheme information

Become a Payroll Partner

The Eastern Savings and Loans Credit Union Payroll Savings and Loans Scheme can help your business reduce staff turnover and absenteeism costs as well as meet your corporate social responsibility objectives. Employers find that the credit union’s work in promoting savings as well as offering a low cost source of credit to employees reduces financial stress in employees. The primary objective of the credit union is to promote sound financial management by encouraging people to save rather than borrow in order to avoid debt, so if a member allocates part of any salary deduction to their savings account, as the loan is paid off, they accumulate savings. Over time members build up savings and can end the cycle of borrowing.

  • A single deduction from salary
  • Christmas Club and holiday accounts
  • Low cost loans, no set up fee, no early repayment penalty and repayment periods to suit the employee

Payroll Deduction Scheme


About the Scheme

We work with employers to communicate the benefits of being a member of the credit union to employees. An effective campaign of communication includes repeated messages via:

  • Payslip communications
  • Staff newsletters
  • Intranet and email
  • Notice board posters
  • Staff meetings
 

Benefits of Payroll scheme