09 April 2024
Do you check your payslip?
Do you fully understand your payslip?
Payroll departments frequently receive queries from employees regarding their payslip. Whether it’s a new starter receiving their first ever payslip or an employee that has been working for years, it’s important that employees can understand their payslip and how to make sure they are being paid correctly.
The Money and Pension Service (MaPS) is sponsored by the Department for Work and Pensions (DWP) and engages with HM Treasury on policy matters relating to financial capability and debt advice. Money Helper is the consumer-facing side of the service, backed by government, providing free and impartial money and pensions guidance to people in the UK.
The Money Helper Understanding your payslip page cuts through jargon and complexity to explain simply what every employee needs to know about their payslip. The page also includes useful links to helpful tools on selected sites, including the interactive tool Understanding your payslip, on the CIPP website.
As part of their UK strategy for financial wellbeing, MaPS also provided two questions to be included in the 2024 payslip statistics survey, on how your organisation supports employee financial wellbeing. MaPS aim is to understand what workplace support is available now and what more needs to be done to enable this in the years to come.
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