Sodexo opens new employee scheme to support financial wellbeing
Sodexo has appointed Salary Finance, one of Britain's biggest workplace lenders, to offer its UK employees a new financial wellbeing benefit.
Research from Salary Finance shows that financial wellbeing can directly affect people’s physical and mental health. It found that 51% of the UK are worried about money. This worry can negatively impact someone’s everyday life and lead to sleepless nights, increased anxiety, stress, panic attacks and even depression. According to Salary Finance money worries far outweighs worries about careers (22%), health (18%) and relationships (14%).
All Sodexo employees will have access to an online platform hosted by Salary Finance which will provide free financial education including videos, life guides, webinars as well as tips and tools such as savings calculators, budgeting tools and access to credit scores. Sodexo employees do not need to set up an account to access this resource which is available online 24/7.
The new benefit scheme will also offer Sodexo’s employees access to apply for affordable loans repaid through their salary. Provided by Salary Finance the low-cost loans are aimed at helping people to consolidate debt through affordable lending as an alternative to credit cards, payday loans and overdrafts. Once the application has been agreed the loans [which have a representative rate of 12.9% APR (fixed)] are repaid directly from an employee’s salary.
Salary Finance launched in 2015, its clients include 20% of the FTSE-100 and a total of more than 4.5 million workers. It is authorised and regulated by the Financial Conduct Authority.
Sodexo provides its employees with access to a wide range of employee benefits programmes which support their health and wellbeing. These include an Employee Assistance Programme with telephone, face-to-face and online support; an online library of micro learning modules; external mental health support schemes; YuLIfe, a digital health service with access to a 24/7 GP as well as Sodexo Discounts, an online platform enabling users to save on their shopping and the option to apply for a Spree card, a prepaid card which can be used wherever Visa is accepted and provides up to 5% cashback from a number of leading retailers.
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