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How employees feel about the scheme Employees have expressed positive feedback about the scheme: “Now I have savings. I’ve never had savings before, it’s a nice feeling, and my financial situation is improving. I thought it was a good idea. I never would have sorted it out myself. I didn’t have to do anything, it all came through the post and in emails – it was all done for me.” “I love the savings scheme. I think it’s easy, it’s there, take it when you want it. The offer was there, I took it up. If you don’t want to take it, it’s your choice.” “I think it’s a very important benefit, not just for the financial well-being of employees, but also for their mental well-being, as it acts as a safety net to reduce further stress.”
basis. This is largely due to the regulatory complexities and barriers which make the implementation of an opt-out approach a daunting task for most employers. In fact, only a few examples of employers adopting an opt-out approach can be found. The challenges in implementing an opt- out approach stem from several regulatory
providers, subsequently serving the interests of employees. For example, if opt-out workplace emergency savings schemes were exempted from certain financial services regulations which currently present barriers, provided specific conditions are met, it could facilitate their adoption. Additionally, providing assurance to employers and providers that opt-out workplace savings schemes can comply with data protection and employment law requirements could further encourage their implementation. Conclusion Our pioneering approach to payroll savings demonstrates SUEZ’s commitment to its employees’ financial and mental well- being. It also serves as a recruitment tool, enhancing SUEZ’s reputation as an employer of choice. This initiative could be a game changer for financial well-being by helping employees act on their intentions to save. It’s a win-win situation, benefiting both the employees and the company. We’re proud to be leading the charge in this area and look forward to seeing the continued positive impact of this initiative on our employees’ lives. n
considerations. These include: ● financial services regulations ● data protection rules ● employment law considerations. There are ways to address these hurdles. For instance, changes to
employment contracts or the incorporation of checkboxes and information gathering into pre-opt-out steps have been successfully employed, as demonstrated by the SUEZ trial. However, these measures do introduce a level of complexity and administrative burden that most employers are either unable or unwilling to shoulder. They also risk necessitating action from potential savers, which could render the opt-out approach unfeasible. There are potential solutions which could simplify the implementation of opt-out approaches for employers and
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| Professional in Payroll, Pensions and Reward |
Issue 100 | May 2024
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