52% of businesses do nothing to support employees through the longer wait for January pay day
30 September 2020
It is no secret that a substantial amount of people state that they find the period between the December pay date, which is often made early to pay staff before Christmas, and the January pay date, a difficult time. Considering how expensive Christmas can be, and the fact that January is a long month anyway, it is clear to see why individuals may find themselves in financial dire straits prior to that January pay packet.
In recognition of this fact, the CIPP’s Policy and research team wanted to enquire whether there is anything that businesses do to support their staff through to the January pay day. In order to gauge this, the following question was posed on the CIPP’s News Online page:
“As January is a long month due to most businesses offering an earlier pay date in December, what do you do to assist employees?”
We maintain the regular pay day in December, so this is not an issue: 40%
We offer a December bonus: 4%
We offer advances: 2%
We offer a Christmas savings scheme: 1%
We provide financial education on budgeting: 1%
The Quick Poll results highlight the fact that the majority of businesses do nothing to help their employees financially through to the January pay date, whilst 40% confirm that their December pay date actually remains unchanged, so there are no issues with employee pay in January. Businesses may want to reach out to their staff to establish whether or not this is a prevalent issue for their workforce, and consider putting something in place if it becomes apparent that this is a problem for a large number of their employees.
Shockingly, overall, only 8% of businesses stated that they have measures in place to help employees in relation to the January pay day. 4% offer a Christmas bonus, whilst 2% offer advances. A further 1% offer employees the option of joining a Christmas savings scheme, and 1% provide financial education on budgeting.
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.