Scotiabank has partnered with financial platform ZayZoon to bring Earned Wage Access (EWA) to the Canadian market. This innovative solution allows employees to access their earned wages before payday, offering financial flexibility and reducing the need for high-interest loans. The partnership aims to provide businesses with an easy-to-integrate payroll system that enhances employee satisfaction and reduces turnover.
A recent ZayZoon survey revealed that 94% of Canadian workers want solutions that provide financial flexibility, and 81% appreciate employers prioritizing their financial wellness. These findings highlight the growing demand for benefits like EWA, which help employees manage unexpected expenses and reduce financial stress. Businesses offering EWA have reported a 29% reduction in turnover and a decrease in absenteeism, making it a win for both employers and employees.
Matthew Parker-Jones, SVP of Global Transaction Banking at Scotiabank, expressed excitement about the partnership, noting that it aligns with the bank’s commitment to promoting financial wellness for Canadian employers and their workers.
ZayZoon's CEO Darcy Tuer emphasized the importance of EWA, citing that 42% of Canadian workers experience financial stress daily, impacting their work performance. By offering this service, businesses can support their employees' financial health and improve overall business performance.
This EWA solution is now available to Scotiabank’s corporate and commercial clients, marking a significant step forward in financial empowerment for Canadian workers and businesses.
