Earned Wages Access

EWA is a financial product that enables employees to access a portion of their earned salary at any time before their payday, with the remainder being paid at the end of the pay period without disrupting the payroll.

This helps them to better align their income and expenses, and reduce their need for high-interest credit schemes.

Unlike salary-based lending or payday loans, EWA does not involve borrowing on the part of the employee. It usually carries a nominal cost for them and no cost for the employer.

Some key findings

Around 81% of Indian employees have faced a financial shortfall between pay periods.

Nearly 72% of Indian employees have resorted to alternate finance options as a result of worsening financial strain due to their inability to access liquid cash during emergencies and to cover unplanned expenses.

About 81% of those who have experienced financial difficulties have reported mental distress, health problems and lower morale.

Employers have observed that up to 20% of employee turnover can be attributed to financial stress. When this stress is carried into the work environment, it manifests as a distraction, absenteeism, reduced performance and ultimately employee turnover.

Our research points to three main causes of financial shortfalls for salaried employees, which ultimately translate into diminished financial well-being: medical emergencies, home- and family-related expenses, and loan repayments.

About 42% of Indian employees expect their employers to assist them in securing their financial well-being