Introduction
This article lists some of the most frequently asked questions about Salary Finance. Read on to find the answers you need. This information is most useful to employers in the United Kingdom only.
Frequently Asked Questions
Q: Do we need to contract directly with Salary Finance?
A: Yes, to launch these benefits you will need to contract directly with Salary Finance.
Q: Does it cost us anything to offer Salary Finance?
A: No. Thanks to the commercial arrangement Reward Gateway | Edenred has put in place, this benefit is free to clients with 1000+ employees, with no implementation fees and no ongoing platform costs.
Q: For organizations with 1000-5000 employees
A: Work with Salary Finance to create a structured communications plan at launch and on an ongoing basis, as part of their broader financial wellbeing strategy on the platform.
Q: For organizations with 5000+ employees
A: Reward Gateway | Edenred will support this process, providing communications planning and assets alongside Salary Finance's own launch materials. A benefit that is well communicated is a benefit that gets used, and our shared goal is to make sure every employee knows it is available and feels confident using it.
Salary Finance is a regulated service provider, therefore the communications are drafted and fully owned by Salary Finance. Once a contract has been signed, Salary Finance will run a communications workshop with the client and their comms team. This session aims to understand channel infrastructure, culture, and demographics to ensure the messaging is as tailored and appropriate as possible. Salary Finance will allocate a dedicated Employee Comms Manager who will own the creation of all digital and physical assets and will work with the client to approve these and ensure compliance sign-off. As part of this process, RGER content will also be provided, and the RGER account manager is welcome to be involved for the workshop as well as working as a partner to support the execution of 'go live’.
Q: Do you offer this benefit to organizations with less than 1,000 employees?
A: Currently, Salary Finance is available to organizations with 1,000+ employees. This reflects the level of implementation, payroll integration, governance and ongoing support required to deliver the service effectively and ensure the best possible employee experience.
While the benefit is not currently available to organizations with fewer than 1,000 employees, we continue to review opportunities to expand access in the future as the service evolves across our client base.
Q: What is our liability if an employee cannot repay a loan?
A: Your organization has no liability for employee loan repayments. The lending relationship is directly between the employee and Salary Finance. If an employee leaves before their loan is fully repaid, repayments continue by Direct Debit directly with Salary Finance. Your payroll obligation ends when the employee leaves.
Q: How does Salary Finance integrate with our payroll?
A: Salary Finance integrates with your existing payroll process. Deductions for Borrow, Advance and Save are taken from net pay (they are not a benefit-in-kind, so there is no P11D or taxable-benefit reporting requirement). Each pay cycle you either receive an automated deductions file via a secure integration or download a deduction report from the Salary Finance HR Portal, then process those deductions as you would any other net deduction. Salary Finance manages the rest. Once set up, ongoing administration is light-touch.
Q: How is employee data handled?
A: Salary Finance is registered with the Information Commissioner's Office (Data Protection Registrations: ZA152606 and ZA099501) and is authorized and regulated by the FCA. All employee communications are directly between the employee and Salary Finance. Your organization does not receive information about individual employees' product usage, applications, or balances.
Q: Can we choose which products to offer employees?
A: The core products are Learn and Borrow and must be included in every launch, however in order to provide comprehensive financial wellbeing tools for your broader employee base we would encourage you to adopt all of them.
Q: How do we communicate the benefit to employees?
A: Reward Gateway | Edenred will work Salary Finance to develop a communications plan that connects to broader platform and financial wellbeing communications. This will include launch plans and ongoing engagement initiatives. This joined-up approach is central to making the benefit a success. We will support you every step of the way.
Q: What management information will we receive?
A: You will receive aggregated, anonymized management information covering engagement and product take-up, never individual employee data. Reporting is typically shared weekly for the first four weeks after launch and quarterly thereafter.
Q: Who do employees contact if they have a problem?
A: All employee support is handled directly by Salary Finance, through the app or via their website. Your HR team does not need to manage individual employee queries about Salary Finance products.
Q: What happens if we decide to stop offering the benefit?
A: Following the activation of the relevant termination clause in your contract your Salary Finance Client Success Manager will guide you through the exit process. On the agreed date the validation process and new applications for products will cease. The existing employee loans balances will continue to be deducted from payroll by you until the loan balance is cleared - your Salary Finance CSM will confirm the timeline for the last payment. The employees’ loan terms will be unaffected by the termination.
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