PayPal on Tuesday announced its partnership with loan company EarlySalary to extend the cash advance facility to its employees. As part of this arrangement, Paypal employees will be able to instantly withdraw a percentage of their salary in advance.
EarlySalary will calculate an employee’s daily income and allow them to withdraw a percentage of it during a specified withdrawal window each calendar month, Paypal explained in its statement. Employees will be able to choose the amount they want to withdraw from the monthly limit and get that amount instantly in their bank account. PayPal said the service will give its employees greater financial flexibility.
“We are committed to using our platform to democratize financial services and improve financial health, breaking down barriers and making it easier for people to manage their financial lives and pursue their dreams. We have partnered with EarlySalary to provide employees with the opportunity to access their salary to overcome cash flow challenges, stay on budget, build financial resilience and achieve long-term savings goals, ”said Jayanthi Vaidyanathan, Senior Director and Head of Human Resources, PayPal India.
PayPal said it launched an employee financial well-being initiative after conducting an assessment in 2018 that looked at the financial well-being of its entry-level employees. As part of this initiative, the company found that despite the alignment of wages in the market, many employees still struggle to pay their bills each month and in response to these findings, it took immediate action to solve these problems with the aim of increasing the net disposable income of its employees. (NDI). The merger with EarlySalary is one of the initiatives taken by PayPal to improve the financial well-being of its employees.
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