62% employees are unsure of their financial status: Report
Refyne (India’s first and largest Earned Wage Access platform) in partnership with Ernst & Young has launched a new report - “Earned Wage Access in India: The final frontier of employee wellbeing”. The report analyses the state of Indian employees’ financial wellbeing and surveys 3,010 employees across India to discover the unique economic situation they currently find themselves in.
Macro trends like inflation, job cuts, low salary hikes, or a once-in-a-century pandemic like Covid-19 contribute to expenses getting ahead of salary, shrinking cashflow for employees.
Some of the key findings from the report:
- Nearly 81% of Indian employees have faced a financial shortfall between pay periods and that COVID-19 triggered a need for more cash in hand
- 62% employees either unhappy or unsure about their financial status
- More than 80% respondents exhausted their salary before month-end, whereas 34% ran out of their pay before mid-month.
- 41% fall back on loans from friends and family to meet unexpected expenses
- 77% of respondents feel positive about Earned Wage Access (EWA)
- Notably, 59% of respondents would consider EWA as a deciding factor for their next job