Wagestream and Wakam Collaborate to Introduce Advanced Sick Pay Solution for Frontline Workers
In a bid to address the financial vulnerabilities faced by frontline workers due to gaps in the UK’s sick pay system, UK fintech Wagestream has partnered with French insurtech Wakam to introduce an innovative sick pay solution. The Enhanced Sick Pay initiative is designed to provide affordable sick pay coverage to frontline employees, catering to their unique needs and circumstances.
This collaborative effort seeks to alleviate the challenges posed by the current statutory sick pay system, which has left many low-income workers financially exposed. The recent ‘Low Pay Britain’ report highlighted the inadequacies of this system, particularly for those who are ineligible for statutory sick pay.
An alarming trend has emerged as a result of the existing legislation, where workers are compelled to continue working even when seriously ill, simply because they cannot afford to take sick leave. Research indicated that a substantial 83 per cent of low-income workers are concerned about having to work while ill, with 28 per cent facing the distressing prospect of sacrificing essential needs such as heating and food if they are unable to work for extended periods.
Through this innovative collaboration, Wagestream users have the opportunity to proactively allocate funds within the Wagestream app based on their income levels. In the event of illness or accidents that extend beyond seven days, this fund will offer workers up to half of their salary for a duration of up to 90 days. This Enhanced Sick Pay feature complements the existing functionalities of the Wagestream app, which include budgeting tools, personalized payment schedules, access to financial coaches, savings options, and more.
This partnership aligns with Wakam’s mission-driven approach to insurance, marked by inclusive insurance offerings, transparent terms, and a commitment to generating positive social impact. This ethos harmonizes well with Wagestream’s dedication to promoting the financial well-being of workers.
Rob Moore, the Director of Insurance at Wagestream, emphasized the shared mission to enhance the financial well-being of frontline workers: “Many individuals experience financial stress when faced with even a week of lost income. With this partnership, we are determined to address this issue and provide employers with a valuable addition to their financial well-being resources.”
Olivier Jaillon, CEO & CPO of Wakam, echoed similar sentiments, underscoring the alignment of values between the two companies: “Our partnership with Wagestream fills us with pride, as it enables us to further establish our presence in the UK. As a company driven by a sense of mission, we recognize our shared values in Wagestream’s resolute commitment to societal welfare.”