PayPal has teamed up with salary-on-tap app Even to support the financial health of its staff in the US.
These employees can leverage Even to get paid early, gain access to budgeting, automated savings, and visibility into daily earnings.
The latest development follows PayPal’s investment in Even through its venture capital unit PayPal Ventures.
Commenting on the development, PayPal president and CEO Dan Schulman said: “Over the past year, we’ve made significant investments to strengthen the financial health of our workforce.
“We’ve made substantial progress to increase the net disposable income of all our employees, and our work with Even will help drive further improvements. Together, we’ll help employees safely navigate cash flow challenges, stay on budget, build financial resilience and reach long-term savings goals.”
PayPal introduced its employee financial wellness programme following an assessment of its hourly and entry-level staff in 2018 that found several employees struggling to make bill payments on a monthly basis.
To resolve the issue, the company pledged to raise the net disposable income of its hourly and entry-level staff to 20%.
It also started a financial health programme, under which the cost of healthcare benefits were reduced, every employee became a stockholder, wages were increased while new financial learning and counselling programmes were provided.
The company eyes a broader roll-out of equivalent early wage access services early next year.
Notably, PayPal recently made its foray into the cryptocurrency space, allowing its customers to use Bitcoin and other cryptocurrencies for making purchases at 26 million merchants on its network.