Council staff to be offered low-cost loans to prevent debt worries
PUBLISHED: 11:00 09 May 2017
People working for councils are in the top 10 professions nationally for using expensive payday loans - but North Somerset Council has signed up to a new initiative which it hopes will reduce the financial worries of its employees.
The authority has agreed to implement a new employee benefit scheme which helps staff get out of debt faster.
Agilisys – a private company which delivers some council services – will introduce SalaryFinance for the authority’s employees. It will mean they can consolidate existing debts into one low-cost loan, which will be collected directly from payroll.
The scheme will not cost the council any money, but a director’s decision notice says there is a negative link between people who are worried about their personal finances and their productivity at work, which this scheme hopes to tackle.