Payroll Deductions for Employers
Happy Employees make Happy Workplaces
Would you like to help your employees to improve their financial health and general well-being?
Sheffield Credit Union offers an easy way to give your employees access to savings and loans through an ethical, not-for-profit, safe and regulated local provider.
Our simple to administer system, means you can offer this as a free employee benefit - with hardly any effort!
How does it work?
Once you as the employer have signed up to the service, we set up payroll deductions with your payroll/HR department, so your employees can save regularly in their credit union account. There is complete discretion, as nobody needs to know whether the employee is making savings, repaying a loan or a combination of the two.
Your employee joins Sheffield Credit Union, through the website or at our offices, and lets us know how much they would like to be paid into their account from their wages. We then set this up with you, the employer, so that you can deduct it from the employee's wages each time they are paid.
You then just send us a simple report (an Excel spreadsheet) showing all the deductions made in the period, and send a bank transfer for the total amount. We then allocate the funds to each employee's account.
Find out more...
If you are interested in this service, please contact payroll@sheffieldcreditunion.com. We will arrange a meeting and provide you with information, details on how you can offer this free service to your employees, and marketing materials to support promoting the service to your employees.
You can visit our Employee Page for further details of the benefits for employees, and a list of forward thinking employers who already offer this scheme to their employees.
Frequently Asked Questions
Any employees you have who live or work within the areas we cover can apply for membership and have deductions set-up to come out of their pay.
Deductions are made after tax. There is no tax related benefit to the employee - but there are plenty of other benefits!
All loans are assessed on an individual basis. We undertake a thorough assessment of each individual's current financial situation before granting any loans. Loans are therefore not guaranteed, but we try to approve loans where we are satisfied the repayments are affordable and the loan will be of a benefit to your employee.
Information on loan applications and their outcomes are never shared with employers - all information remains confidential between us and the employee. We never disclose to employers whether a deduction from an employee's wages is for savings or a loan repayment.
No. We guarantee your employee complete confidentiality. When we ask you to set-up deductions from an employee's wages, we just let you know the amount they have requested to have deducted and paid across to their credit union account. We won't tell you whether this is for savings, a loan repayment or a combination of the two.