“On-Demand Pay: Payroll that works for all”: UK/US EY Report – September 2020
- There is approximately $1 trillion accrued in payroll on any given day. Employers can provide employees access to this liquidity and, in so doing, create meaningful societal utility at limited frictional cost.
- The main use case for On-Demand Pay is that of everyday financial pressures, which we have found to be widespread: 70% of individuals in the UK and US experience financial
- The negative impacts for individuals are considerable: nearly 75% of those who have experienced financial difficulties have reported material deterioration in their health, wellbeing and productivity.
*ey.com/en_gl/financial-services-technical-resources/payday-pressure-looking-to-flexible-salary-solutions, **Stats, results and effectiveness may vary in different countries.
CashD – There are solutions that can alleviate these by the employer at a low cost. With variable fee structures, on-demand pay can be a net $0 cost for the business or in some instances an additional revenue stream for the business.