Italian restaurant chain Prezzo is now offering income streaming to all of the company’s 3,000 staff to help them access their furlough pay early during the pandemic.
Income streaming gives workers early access to their accrued pay when they need it and provider Wagestream has extended its service to cover furlough pay from the government during the crisis.
The restaurant chain has chosen to make income streaming available across the business to help staff cope with any unplanned expenses and relieve the additional financial pressure the coronavirus crisis is placing on many UK households.
Wagestream’s solution – designed for the Coronavirus Job Retention Scheme – means it will pay furloughed workers 50% of their accrued ‘furloughed pay’ on demand. Prezzo saw the value of expanding income streaming so all staff could take advantage of this.
Income streaming was previously available to a third of the company’s staff, all occupying front of house roles.
Wagestream allows staff to draw down, or ‘income stream’, a percentage of their earned wages any day of the month for a flat £1.75 fee, without impacting employers’ cash flow. There are no loans involved and therefore no interest is charged.
It works with businesses across the leisure, pub, bar and restaurant sector and has been responding to the Covid-19 outbreak by making its income streaming service free to the NHS and its staff.
Jacqueline Rouse, people director at Prezzo UK, said: “We are currently doing everything we can during these difficult times to support our Prezzo people whilst they are furloughed. Wagestream is a really great way of being able to provide that support by giving our people access to their pay earlier than they would otherwise receive it and helping to ease their money worries as much as possible.”
Peter Briffett, CEO and co-founder of Wagestream, said that companies concerned about the impact of the pandemic on the financial health of their staff were contacting it every day to ask how quickly this furlough solution can be bolted on to their payroll systems.
“It is not just unexpected expenses that will be having an impact. A great many employees will have partners who have lost their jobs, lost income or been effectively locked out of the government’s furlough scheme altogether if they are recently self-employed or their employer has decided to make them redundant instead.”