National Payroll Week: 5-9 September 2016
23 May 2016
It pays to learn: educating the nation
National Payroll Week (NPW) recognises the contribution that payroll makes to the UK economy, especially as taxable income accounts for nearly half of all taxable revenues through the (approximate) £513bn total tax revenue paid to the government with £163bn through income tax and £110bn through national insurance contributions.
The focus this year is on how payroll can educate the nation by raising financial awareness for all employees within organisations and helping them gain an understanding that saving through payroll via a credit union can help with financial matters.
Research conducted by Stepchange debt charity in 2016 showed that 6.5 million people relied on credit as part of their coping strategy. The report also stated that 68% of people relying on credit as a coping strategy will be 20 times more likely to fall into severe debt problem. The report also proved that over four million people are regularly using credit to meet everyday living payments and the costs of emergencies. With people using credit like this over a prolonged period they can quickly fall into serious financial difficulties. As credit repayments become an additional cost that people have to meet, alongside life essentials and the cost of emergencies, this creates a significant impact on people’s family and work life.
So how can you help?
The above clearly shows that the payroll profession can play a massive part in helping to promote financial awareness amongst employees. Subsequently, the CIPP is actively calling on payroll professionals to play a leading role in helping to promote better financial awareness amongst staff and colleagues with the CIPP ready to help train and educate the nation through membership, recognition and education.
Payroll can take the lead in educating your employees about their payslips, what their deductions are and the importance of saving for retirement or unexpected costs. The CIPP has a presentation which utilised for schools and colleges, but could be adapted to suit your organisation. Visit the community section of cipp.org.uk for more information.
Do your employees use payday loans; even if you don’t know, why not offer them an alternative by partnering with a credit union? This would help your employees save for unexpected costs or even a holiday. Email [email protected] for more information.
Celebrating National Payroll Week
Here are a few creative ways to get your colleagues involved:
- Request your NPW pack – [email protected]
- Run a payroll awareness event and invite your local MP to speak; this is a fantastic opportunity for them to engage with members of the constituency
- Keep up to date with the CIPP on social media #NPW16
- NPW celebrations for the payroll team
- Offer financial awareness and understanding your payslip workshops