[UK] University of Birmingham launches payroll savings scheme

In the UK, the University of Birmingham has announced the launch of a payroll savings scheme to support the financial wellbeing of its more than 10,000 employees, Employee Benefits reports.

The scheme, in partnership with local credit union Citysave, allows the university’s employees to save straight from their monthly pay through payroll deductions at preferential rates.

The initiative was reportedly created, with financial wellbeing in mind, to help build consistent savings habits, reduce reliance on high-cost credit, and strengthen financial resilience.

The university is one of Birmingham’s large employers. The initiative forms part of its wider commitment to staff wellbeing and supporting long-term financial stability within the region.

Kate Compton - HR project officer, staff benefits and equity, diversity and inclusion, at the University of Birmingham - said, “Our new payroll savings benefit is about giving employees practical tools to feel more confident about their finances. By working with a local credit union, such as Citysave, we’re making it easier for staff to build savings in a manageable, sustainable way; whether that’s preparing for a major life event like a wedding or home move, or simply building a rainy-day fund.

“At a time when many households are feeling financial pressure, employers have an important role to play in supporting financial wellbeing. We want our staff to have access to fair, accessible saving options that help them plan ahead and make the most of their money.”

In addition to this new scheme, the University reportedly offers employees tax-efficient workplace pension schemes, the option to purchase up to 10 extra days of additional leave, public transport season tickets via salary sacrifice, discounted electric car leasing, a bikes-for-work scheme, flexible parking payment options, enhanced maternity, paternity and adoption leave, flexible and hybrid working, discounted gym memberships, an employee assistance programme, payroll charitable giving and one volunteering day a year.

Source: Employee Benefits

(Quotes via original reporting)

In the UK, the University of Birmingham has announced the launch of a payroll savings scheme to support the financial wellbeing of its more than 10,000 employees, Employee Benefits reports.

The scheme, in partnership with local credit union Citysave, allows the university’s employees to save straight from their monthly pay through payroll deductions at preferential rates.

The initiative was reportedly created, with financial wellbeing in mind, to help build consistent savings habits, reduce reliance on high-cost credit, and strengthen financial resilience.

The university is one of Birmingham’s large employers. The initiative forms part of its wider commitment to staff wellbeing and supporting long-term financial stability within the region.

Kate Compton - HR project officer, staff benefits and equity, diversity and inclusion, at the University of Birmingham - said, “Our new payroll savings benefit is about giving employees practical tools to feel more confident about their finances. By working with a local credit union, such as Citysave, we’re making it easier for staff to build savings in a manageable, sustainable way; whether that’s preparing for a major life event like a wedding or home move, or simply building a rainy-day fund.

“At a time when many households are feeling financial pressure, employers have an important role to play in supporting financial wellbeing. We want our staff to have access to fair, accessible saving options that help them plan ahead and make the most of their money.”

In addition to this new scheme, the University reportedly offers employees tax-efficient workplace pension schemes, the option to purchase up to 10 extra days of additional leave, public transport season tickets via salary sacrifice, discounted electric car leasing, a bikes-for-work scheme, flexible parking payment options, enhanced maternity, paternity and adoption leave, flexible and hybrid working, discounted gym memberships, an employee assistance programme, payroll charitable giving and one volunteering day a year.

Source: Employee Benefits

(Quotes via original reporting)