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While the margin of increase in the new wage rates in Ontario is minimal, when calculated over a period of time, it should make a difference to the take-homepay for workers. Those who earn minimum wage and work 40 hours a week will see their annual pay increase by up to $835 shortly. in the province.
A new Qualtrics study claims that 77 percent of workers say it’s harder to pay for their living expenses than it was a year ago. In the UK, inflation recently rose above 10 percent for the second time this year amid soaring food prices.
One example used is how food is presented in school cafeterias: consumption of some items has been found to increase or decrease depending on where they are placed. Now let’s go back to food – specifically, the food on offer in the workplace. So how can nudge theory help you, your employees and your business?
“Benefits that can greatly reduce financial burdens and improve financial wellbeing, such as cashback schemes and greater access to financial resources to help budget, can be helpful to stretch take-homepay as much as possible,” she says.
Meal cards, also known as food or lunch cards, are prepaid cards or vouchers issued to employees by their employers to cover the cost of meals. These cards are a convenient payment method, allowing employees to purchase food from affiliated restaurants, cafes, or canteens. What are meal cards? Here are some of them: 1.
Impact of financial pressures In the aftermath of the pandemic, employees’ earnings have been squeezed following soaring energy, food and housing costs. Although some employers have been able to increase wages, the frozen tax thresholds could see some workers pay more tax and have less disposable income.
For those employed parents in the UK, the costs for nursery and afterschool childminders are in some cases taking up more than two-thirds of their weekly take-homepay. Take action. BITC’s recently launched Cost of Living Action Plan to help businesses respond to the cost-of-living crisis.
Aidy and Raj live in a rental property with a large lot that allows them to augment their food budget with some home-grown produce. Lower wage earners like Aidy in most Canadian jurisdictions will have to bear a 10% of 15% loss of take-homepay while receiving temporary total disability workers’ compensation.
“Benefits that can greatly reduce financial burdens and improve financial wellbeing, such as cashback schemes and greater access to financial resources to help budget can be helpful to stretch take-homepay as much as possible,” she says.
With Empuls, you can: Deliver tax-free fringe benefits like fuel reimbursements, meal cards, LTA, and more—helping employees maximize their take-homepay. Provide early wage access , giving employees financial flexibility between pay cycles and reducing money-related stress.
How much are your basic monthly living expenses, including food, shelter, health insurance, transportation, childcare? Add up all of these expenses to understand whether you’re spending more, less or the same as your take-homepay each month. How much cash can you get your hands on quickly, if you need it?
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