The need to address workers’ financial wellbeing is growing with the looming recession and cost of living crisis affecting all of us.ย
Oddbox, the UKโs food-waste-fighting fruit and veg box, has signed up toย Mintagoย to provide a financial wellbeing platform to its staff.
Mintago is an FCA-regulated financial wellbeing company. It helps employees find all their past pensions and manage contributions towards their current pension, as well as providing financial planning tools supported by free access to financial advisors, debt counselling, tools for savings and financial education programmes.
Founded in 2016, Oddbox has expanded rapidly over recent years, delivering its 5 millionth box in 2022 and scaling their team.
Oddbox has partnered with Mintago to better support its growing team with pension and financial management tools. It has become a particularly pertinent issue in light of the cost-of-living crisis โ a recent survey of more than 1,000 full-time employees in the UK, commissioned by Mintago, found that the majority (56%) consider finances to be their greatest source of stress, with a third (32%) saying financial worries impede their professional performance.
Save money with a financial wellbeing platform
As well as providing a financial wellbeing platform, Mintago also helps businesses and their employees save money via HMRCโs salary sacrifice pension scheme.
Mintago provides a salary sacrifice pension implementation program, which creates direct savings for Oddboxโs employees on monthly National Insurance payments.
Fiona Wallis, Head of People & Business Operations atย Oddbox, said: โIn the midst of the cost-of-living crisis, continued rising inflation and economic uncertainty, it has never been more important to look after peopleโs financial wellbeing.
โBy providing employees with greater insight into and control over their finances, we are aiming to help them live healthier, happier lives. Mintago has a compelling solution โ not only can it help the Oddbox team track lost pensions from previous employers, but it will also allow them to adjust pension contributions based on their needs, and offer excellent financial planning tools, which are so valuable in the current climate.
โThe savings the business generated by Mintago switching us to the salary sacrifice pension scheme also gave us an opportunity to put more money into our employeesโ pocket through increased employer contributions for those who opt in to Salary Exchange.โ
Chieu Cao, CEO and founder ofย Mintago, added: โWe are delighted to be working with Oddbox, which has once again demonstrated its commitment to looking after, not only our planet, but also its people. We look forward to working closely with this brilliant business in the months and years to come, helping to improve its employeesโ finances as well as its own.
โThe National Insurance (NI) increase earlier this year has piled more pressure on businessesโ finances, underlining the benefits of using HMRCโs salary sacrifice pension scheme. Doing so reduces the employerโs NI bill and will also ensure employees enjoy higher take-home pay, as they will also be paying lower NI contributions. I would urge all businesses, however little or large, to consider the salary sacrifice pension scheme if they are not already using it.
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