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Coronavirus: How to get immediate access to furlough wages

Posted onPosted on 25th Mar
Coronavirus: How to get immediate access to furlough wages

All workers who have been furloughed by their employers will, from today, be able to have immediate access to their wages.

The UK’s leading income streaming provider Wagestream is allowing all furloughed employees – people who can retain their job and get 80 per cent of their wages through the Government during the coronavirus crisis – to gain instant access to up to 50% of their accrued ‘furloughed pay’.

Reimbursements through the Coronavirus Job Retention Scheme (CJRS) are unlikely to be paid by the HMRC to participating employers for weeks, during which time they will have to cover furloughed workers’ wages.

Through Wagestream, employers will be able to give their workers access to furloughed wages that have been earned through the pay cycle, without having to cover the cost.

With tens of millions of people nationwide facing mortgage payments, rent and utility bills at the end of the month, there is an immediate need to release funds to workers and ensure they have access to their wages during this critical period.

Businesses can sign up to Wagestream and have their furloughed wages service up and running in just 24 hours.

Peter Briffett, CEO and co-founder of Wagestream, commented: “We are keen to do our bit and help workers and employers, particularly in the hospitality and retail sectors, that have been decimated by the pandemic.

“While the Government acted swiftly to support employers by announcing the launch of CJRS, it could be weeks before the reimbursement scheme is up and running, and there is an immediate need to support furloughed staff and participating employers.

“Millions of people are going to be concerned that they have multiple outgoings in the next few weeks, including rent and utility bills to pay at the end of the month, and no idea how they’re going to pay them.

“We wanted to offer an emergency service to give workers immediate wages relief to cover urgent expenses. And we want to support employers who have made the decision to furlough staff, to offer them a short-term solution to help their staff most in need during this period.”