Earlier this year, a survey of Access EarlyPay users found that 93% reported that on-demand pay has helped them through the cost of living crisis and 80% feel increased loyalty to their employer as a result of access to earned wages.
Commenting on the launch, Caroline Brady, head of compliance & MLRO at The Access Group, said:
"The launch of the EWA Code of Practice is a significant milestone for a scheme which has already supported millions of employees to take control of their earned wages and manage unexpected expenses over the cost of living crisis."
"At The Access Group we have already seen first-hand how employers and employees benefit from increased flexibility around pay and establishing industry best practice guidance, backed by the CIPP, will help more employers to support the financial wellbeing of their staff."
"It has been a great pleasure to work with peers from across the UK’s biggest EWA providers to offer our input to the code of practice and I look forward to working with the rest of the Earned Wage Access Group and the wider industry to support the best possible outcomes for employers and their staff."
Alongside The Access Group, the Earned Wage Access Group is comprised of AnyDay, Ceridian, Hastee, Level Financial Technology, Salary Finance and Wagestream.
To view the EWA Code of Practice in full visit: https://www.cipp.org.uk/best-practice/ewa-code.html
*18 July 2024:
It was agreed by the EWA trade body that EWA providers would require an annual external assessment. Ernst & Young LLP (EY) were appointed by the EWA trade body to conduct the external assessment and only if the EWA provider passes the assessment and are issued a certificate, can they continue to promote and advertise that they operate according to the official code of practice for the EWA industry.
Access PaySuite Ltd were assessed in June 2024 against the conditions of the EWA code of practice, and are delighted to advise that we passed the external assessment.