Wakam and Wagestream collaborate to offer improved sick pay coverage for UK frontline workers, addressing gaps identified by the ‘Low Pay Britain’ study.
To launch an advanced sick pay solution, French insurtech Wakam and UK fintech Wagestream have teamed up. The program intends to remedy deficiencies in the UK’s sick pay system, which frequently leaves these workers financially exposed. It aims to provide frontline workers with reasonable sick pay coverage.
Businesses who cooperated with Wagestream to adapt it to the unique requirements of frontline employees gave access to Enhanced Sick Pay to more than a million UK workers. This action was taken in response to the most recent “Low Pay Britain” study, which highlighted the shortcomings of the UK’s statutory sick pay system, particularly for those workers with the lowest incomes who are not eligible for any statutory sick pay.
Because they cannot afford to take sick leave, workers are now being forced to work even when they are extremely unwell as a result of the present regulations. According to a recent survey, 83% of low-wage workers worry about having to work while ill, and 28% worry about having to forgo necessities like food and warmth if they are off work for an extended period of time.
As a result of this new partnership, Wagestream customers can intentionally set money aside in the Wagestream app based on their income levels. This fund will pay employees up to half of their salaries for up to 90 days if an illness or accident lasts more than seven days. The Wagestream app’s current capabilities, which include budgeting tools, customized payment schedules, access to money coaches, savings alternatives, and more, are enhanced by enhanced sick pay.
The collaboration
This collaboration is in line with Wakam’s mission-driven insurance strategy, which places an emphasis on inclusive insurance products, open terms, and a dedication to social impact. This supports Wagestream’s commitment to the financial security of its employees.
“Too many people experience financial stress if they lose their income for even a week,” said Rob Moore, director of insurance at Wagestream. “But with this partnership, we’ll be able to tackle the problem and give employers an invaluable new addition to their financial wellbeing toolkit in the process.”
While noting the common ideals between the two businesses, Olivier Jaillon, CEO & CPO of Wakam, expressed a similar sentiment: “We are particularly happy of this cooperation with Wagestream, which allows us to further solidify our presence in the UK. We see our own beliefs reflected in Wagestream’s strong commitment to society because we are a mission-driven organization.
