Wagely’s Month of Blessings Campaign Helping Employees Gain Access to Allowance for Eid Ul Fitr
For the blessed month of Ramadan, Wagely, an employee financial wellbeing platform organised a campaign called "Month of Blessings", that allows the middle and low-income workers of Bangladesh and Indonesia to access their Eid Ul Fitr Festival Allowance before payday.
After two years of pandemic lockdown and travel restrictions that limited many Bangladeshis to travel during Eid celebrations, citizens of the country are gearing up to celebrate the religious festival in their hometowns. While the Eid homecoming is still a week away, people's interest in returning to their hometowns has been visible lately, with many travel and festival-related expenses already increasing due to scarcity and spikes in demand. As per reports, transportation operators have already started to sell advance tickets for Eid Ul Fitr home goers.
To provide financial relief for both employers and employees, Wagely, the financial wellness platform that focuses on earned wage access (EWA), launched an initiative titled Month of Blessings to assist employers in providing employees with access to their Festival Allowances. It allows them to pay for daily necessities during this celebratory month without running into financial troubles.
Tobias Fischer, CEO of Wagely, said, "Every day, employees have come to Wagely to access their already earned but unpaid wages, especially ahead of festivals such as Eid when they tend to travel to their hometowns. We are here to support Bangladeshi employers to amplify the power of our Earned Wage Access technology to help employers in this special time of the year."
With the Month of Blessings initiative, Wagely increases the amount of access without exceeding an employee's monthly salary to allow them to plan and purchase festival-related necessities. It empowers companies to positively impact productivity and engagement since employees are no longer anxious about paying for their expenses and can refocus on their work. Moreover, this initiative helps them avoid predatory loans that result in high-interest repayment rates that might consume most of their annual bonus.
"Eid Ul Fitr should be celebrated and filled with joyful moments surrounded by family and friends without causing financial stress to hard-working people and their loved ones. Wagely has listened and is helping its partners provide an additional lifeline by not only granting them access to earned wages but also part of their festival allowances. We encourage more companies to lead by example and create employee financial benefits that free their workers of financial stress for a healthier working environment, increased loyalty, and lower turnover," concluded Tobias.