| Living paycheck-to-paycheck is a reality for many employees. In fact almost half of employees are so stressed about financial worries that their work productivity suffers. With limited means and no savings, any unexpected expense can become a major setback.
Additionally, many employees are also having to help fund increased healthcare costs. Unfortunately, as out-of-pocket expenses rise, one challenge is that many employees do not have a way to bridge the gap between current expenses and future income. Those in this situation do not have good options: they can forego treatment, pay exorbitant interest rates or simply not pay their bills.
One way to reduce financial stress, and thereby increase productivity, is to offer employees budgeting tools they can use to improve their financial situation, such as Clear, a financial program offered by E-Duction.
Clear is only available to employees through their employers and includes:
A payroll deduction card that allows employees to pay for goods and services interest-free over a two-month period; and
The Clear Budgeting Plan that offers six months to pay interest-free for healthcare and educational expenses over $199.
How It Works:
General Expense
If an employee uses Clear to pay for an emergency car repair of $200, $50 will be deducted from each of their next four paychecks (if paid bi-weekly):
| Sample Pay Dates | August 22 | September 5 | September 19 | October 3 |
| Deduction | $50 | $50 | $50 | $50 |
Healthcare Expense
If an employee uses Clear to pay for a $400 medical deductible, that expense would be paid for over 6 months. Assuming a biweekly pay period, this would amount to 13 interest-free biweekly deductions of $30.77.
By offering employees a way to bridge the gap between current expenses and future income, employers can help employees become more financially stable and improve worker productivity. Salary-based spending limits guard against overspending.
Implementing Clear is straightforward and requires minimal resources – we have pre-built payroll adapters for all major payroll systems. We adapt our business to your payroll system requirements.
To learn more, please visit www.iwantclear.com.
For more about CLEAR, please read our Important Disclosures.
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