Scotiabank has revealed its partnership with ZayZoon , allowing its business clients to include Earned Wage Access (EWA) in their employee benefits offerings. ZayZoon's Canadian Employee Pulse Survey indicates that 94% of workers seek financial flexibility without difficult discussions, while 81% appreciate employers prioritising financial wellness.

This trend shows that investing in financial benefits can help job satisfaction and loyalty. Scotiabank business clients can include Earned Wage Access (EWA) in their employee benefits, promoting financial stability, improving job satisfaction, reducing turnover, and ultimately upgrading business performance. EWA is included in the benefits packages of employees The collaboration with Zayzoon helps Scotiabank's corporate and commercial clients to provide Earned Wage Access (EWA) without the expenses and intricacies associated with an internal wage advance programme.

Employees can deposit funds directly into their bank accounts using desktop and mobile devices, eliminating the need for financial advances from their employers. ZayZoon's technology integrates with employers' current payroll systems, offering a low-risk solution for Scotiabank's business clients. By providing a flexible benefit, Scotiabank helps clients upgrade employee financial health, resulting in a more engaged workforce.

ZayZoon's survey revealed that 61% of respondents believe access to Earned Wage Access (EWA) improves financial well-being and reduces stress. Users of the ZayZoon platform report 74% less financial stress. Employers offering EWA experience a 29% decrease in turnover, an 8-hour monthly reduction in absenteeism, and attract double the job applicants compared to those without EWA.

Zayzoon officials stated that their latest pulse survey indicated that 42% of Canadian employees face considerable financial stress several times a day or every day, while 66% report that this stress affects their job performance. This partnership responds to the pressing demand for solutions like Earned Wage Access (EWA). This EWA solution is offered to Scotiabank's corporate and commercial clients throughout Canada. Source: Link .