Payroll Deduction - Employers

Payroll for Employers

Become a Payroll Partner

The Eastern Savings & Loans Payroll Scheme can help your business reduce staff turnover and absenteeism costs as well as meet your corporate social responsibility objectives. Staff can save and make loan repayments via payroll deduction or by setting up their own standing order direct from their bank.

  • Meet your corporate social responsibility objectives
  • No cost to employer
  • Processes approved by Chartered Institute of Payroll
  • Helps reduce staff turnover and absenteeism
  • Regulated by PRA, FCA and deposits protected by FSCS

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

At Eastern Savings & Loans we understand each employer is different, we therefore tailor the communications to suit you.

  • All services are managed directly by the credit union and we accept full liability for the operation of the scheme. All enquiries and savings withdrawals are made through the credit union office, and a clear distinction is made between the employer and the credit union savings scheme.
  • The credit union and the employer will provide a single point of contact (plus deputy) for each organisation.
  • The credit union will require a signed mandate for payroll deductions from the employee and ask the employee to forward these to the employer.
  • Employees deductions will be credited to their account on the first working day after the monthly notification of payments is received.
  • The deduction is made after tax, and should appear on the payslip simply as ‘Credit Union’.
  • All enquiries about credit union accounts should be directed straight to the credit union office.

Download the full Payroll Scheme Brochure.

If you are interested in this opportunity and would like to arrange a convenient time to discuss the proposal in more detail.

Please contact our Projects Manager: Becca Cotton who will be happy to answer any questions you may have