Earned wage access schemes – also know as early wage access or salary advance schemes – are a payroll method whereby employees can access some of their pay on-demand before pay day. Employers use earned wage access to help improve the financial wellbeing of their staff. It allows people to access pay accrued from the shifts they have already worked before the end of the payroll cycle. Accessing a proportion of their pay early typically incurs a fee, which is usually paid by the employee.
A research project by Nest Insights showed that requiring employees to opt out of saving boosted participation.