Payroll Deduction

What is a credit union payroll deduction scheme?

Our Payroll Scheme can help your colleagues manage their money better, helping them feel less stressed about debt or financial worries.

Employees can save money and / or make loan repayments directly from their wages. No fuss, no hassle.

If you are an employee who wants to save or repay a loan via your pay packet, read more.

Benefits of payroll deduction

Improve staff retention

Lower absenteeism

Increase productivity

Enhance morale

Reduce staff stress

Meet social responsibility goals

A payroll scheme is more important than ever ...

Staff are worried about the cost of living

According to the Office of National Statistics, 77% of adults were feeling worried about the
cost of living with half worrying every day

Financial worries impact health

YouGov found that 55% of adults felt that their health has worsened because of the costof-
living crisis with one in five stating it was having an impact on their work

Financial worries affect younger people more

18-34 year olds are worse affected, with over a third claiming that their financial situation
impacts negatively on their work productivity

People need to save more

According to Legal & General the average household thinks that they have savings to
last 90 days, but the reality is that they are just 24 days from the ‘breadline.’ One in six
households have no savings at all

What the Credit Union can offer your colleagues

At Central Liverpool Credit Union, we provide access to financial services for everyone, including those who are financially-fragile. We foster a responsible attitude towards credit, assisting with the welfare aspects of being a caring employer.

Our workplace scheme is a great way to provide your employees with saving facilities and an easy and accessible way to affordable, friendly, fair credit.

Employees who save regularly are better able to cope with any financial distress or unexpected costs life throws at them. Additionally, they can improve their standard of living by accessing affordable loans for things they might otherwise be unable to afford to pay for in advance.

For example, with a loan from us, they could pay for a holiday, which could reduce their stress levels and so help ultimately reduce the levels of staff turnover and absenteeism.