PayPal has teamed up with salary on-demand platform Even to let all of its US employees get paid early and get access to a budgeting tool through an app.
The partnership comes after PayPal Ventures joined a funding round over the summer for Even, which enables salaried staff to draw down earned income to stave off cashflow problems and set up savings and budgeting plans. It is offered as an employer benefit to workers through a monthly subscription.
The partnership is part of PayPal’s financial wellness initiative and comes after an assessment which found that many employees were struggling to pay their bills each month. In response to those findings, PayPal set a goal of increasing its hourly and entry-level employees’ net disposable income to 20%.
Dan Schulman, president and CEO, PayPal, says: “We’ve made substantial progress to increase the net disposable income of all our employees, and our work with Even will help drive further improvements. Together, we’ll help employees safely navigate cash flow challenges, stay on budget, build financial resilience and reach long-term savings goals.”
The partnership is part of PayPal’s financial wellness initiative and comes after an assessment which found that many employees were struggling to pay their bills each month. In response to those findings, PayPal set a goal of increasing its hourly and entry-level employees’ net disposable income to 20%.
Dan Schulman, president and CEO, PayPal, says: “We’ve made substantial progress to increase the net disposable income of all our employees, and our work with Even will help drive further improvements. Together, we’ll help employees safely navigate cash flow challenges, stay on budget, build financial resilience and reach long-term savings goals.”
Source: Finextra
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