Why wait two weeks for your pay? New services allow Canadian workers to access pay as they earn it. Story by ClarrieF
Why should you wait two weeks for a pay cheque in a computerized world where money transfers take a fraction of a second?Fintech companies are set to shake up the traditional biweekly payroll system in Canada, with a new service that offers workers on-demand pay for completed work.
“We’re really empowering people to have access to their earnings,” said Seth Ross, who heads Dayforce Wallet at Ceridian, a human resources and payroll software company that’s headquartered in the United States and operates in Canada, Europe and Australia. Dayforce Wallet allows workers to access their pay through an app, with money directly deposited to their Dayforce Wallet card. There is no fee to transfer funds to other accounts and there are no interest rate charges. However, standard ATM fees do apply.
The goal is to help people who have a cash flow problem by allowing them to pay their bills when they need to, said Hackert. Instead of paying high interest on payday loans, they can access their own wages when they need them and pay no interest. KOHO has teamed up with Canadian companies that use the online payroll system Automatic Data Processing to offer employees Instant Pay, which allows them to cash out up to 50 per cent of the pay earned every workday.
The two-week pay cycle came into existence after payroll taxation began , according to Dilip Soman, a professor of behavioural science and economics at the University of Toronto. Because payroll systems were complicated and costly, doing it every two weeks was more efficient and less expensive, he said.
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