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Author Topic: New benefit ??  (Read 14424 times)

Wearethehearts

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New benefit ??
« on: 15-10-18, 08:02AM »
Tesco are trialling a new partnership with a company called "salary finance" who in essence are pay day money lenders , so Tesco after taking our pay benefits such as our Sunday premiums, bank holiday premiums,part of our night enhancements ,  given us in real terms pay cuts for the last few years , think it's nice of them to give us the chance to enter the cycle of debt with all the mental health and emotional complications that come with it , so just when you thought Tesco couldn't care less about it's employees , they exceed themselves !!!!! Why not just give us a decent pay rise , enough hours to live off ??

spike_pkh

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Re: New benefit ??
« Reply #1 on: 15-10-18, 08:34AM »
I presume Tesco are forcing you to sign up for this "pay day loan"?

No?  Wow your post really makes it sound like it

Wearethehearts

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Re: New benefit ??
« Reply #2 on: 15-10-18, 08:44AM »
Is this even worth the response ?? another self serving I'm alright jack post on here , some but some
min contract staff will be tempted just to find it will make things worse

penguin

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Re: New benefit ??
« Reply #3 on: 15-10-18, 08:48AM »
Tesco - the moden day word for workhouse

Wearethehearts

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Re: New benefit ??
« Reply #4 on: 15-10-18, 08:56AM »
Upto 19.9% interest , really helping those worse off !!!!

captain

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Re: New benefit ??
« Reply #5 on: 15-10-18, 09:27AM »
Looking at the positive side, 20% interest is quite reasonable for this type of lending so I'm sure Tesco think they are looking after their staff in getting them to avoid loan sharks or other payday loan companies at far far higher interest rate.
Totally agree that if Tesco offer living wage, and reasonable hourly contracts they would be helping their employees far far better

1

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Re: New benefit ??
« Reply #6 on: 15-10-18, 10:55AM »
Trying to do the right thing by working but better off on benefits :question: #nothingnew

Duracell

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Re: New benefit ??
« Reply #7 on: 15-10-18, 11:43AM »
My Opinion is exactly that, Mine.  Based on my view of what I know , see and what I would do.
"Being a rep doesn't make a person right anymore than not being a rep makes a person wrong " 

Duracell.

Duracell

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Re: New benefit ??
« Reply #8 on: 15-10-18, 12:06PM »
The concept and ideology are very noble and could prove very useful and reassuring for those with unmanageable debt. But 19.9% interest, is this true?  Where has this information come from.
My Opinion is exactly that, Mine.  Based on my view of what I know , see and what I would do.
"Being a rep doesn't make a person right anymore than not being a rep makes a person wrong " 

Duracell.

captain

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Re: New benefit ??
« Reply #9 on: 15-10-18, 12:33PM »
Duracell
Just done a quick search for loans and they vary between 49.9%and 1333% so 20% is very competitive even compared to bank loan rates which run between 5 and 10%.

I take on board you saying that direct debit from your wage reduces the risk from your lender but the large majority of our staff are part time and rely on overtime to supplement their income. All it needs is an overtime ban for a couple of months or 1 weeks sick and this could lead to short term hardship.

Anything that stops robbing loan sharks giving loan out at exhorbitant rates can only be good

Witch69

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Re: New benefit ??
« Reply #10 on: 15-10-18, 02:32PM »
It could be a good idea for some people with bad credit and find themselves with an repair or bill which they cant get a bank loan for this could help them

barafear

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Re: New benefit ??
« Reply #11 on: 15-10-18, 04:46PM »
Is this a trial limited to certain stores or parts of the workforce? Or is it a trial (for all) ....but limited timeframe?
Where are the details? On OurTesco?

lackofinterest

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Re: New benefit ??
« Reply #12 on: 15-10-18, 04:54PM »
surely cheaper to get an account with tesco bank then apply for a loan ???

1

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Re: New benefit ??
« Reply #13 on: 15-10-18, 06:00PM »
Sometimes the negatives outweigh the positives.

Wearethehearts

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Re: New benefit ??
« Reply #14 on: 15-10-18, 06:59PM »
It's a trial in some stores and dc just being announced

barafear

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Re: New benefit ??
« Reply #15 on: 15-10-18, 07:16PM »

specialgravy

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Re: New benefit ??
« Reply #16 on: 15-10-18, 10:21PM »
surely a better way of helping employees manage their finances would be to actually pay a decent wage? if you cant see the problem  with an employer profiting of the fact it pays its workforce badly then you should get your head out of the sand! this company already costs the taxpayer millions by refusing to offer full time contracts and leaving the state to make up the difference, now they want to see us indebted to them? absolutely no morals at all.

T.C.1

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Re: New benefit ??
« Reply #17 on: 16-10-18, 08:56AM »
Yet again USDAW top people should hold there heads in shame!!! After the absolute stitch up of our last so called pay rise which colleagues are still so bitter about comes a pay day lender to top up your wages!!!  Colleagues are in enough debt as it is and that's not by over spending that's just by making ends meet so to ' put it on the slate' and make it so easy for colleagues is a disgrace.  It's going to be a trap that some colleagues will never get out of, then what if they are made redundant the loan company with have their hands on it if the colleague gets a pay out!!!  USDAW for god sake fight for a living wage with no strings and claw back our wages???

Wearethehearts

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Re: New benefit ??
« Reply #18 on: 16-10-18, 10:20AM »
Usdaw paid staff I don't think have anyone to answer to , I see or hear of no remedial action against those not performing , it's reps who sit on these negotiations are only there through a voting process that is like a school vote ( based on popularity) they should be vetted for if they are upto the task as most I know are not. Then there is Pauline folkes a person who I admit has an impossible job trying to negotiate with folk there as a Branco away from work supposedly supporting her , no wonder Tesco gets its own way usdaw in its poor management have set up a system that allows Tesco to bulldoze through whatever they want

Nomad

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Re: New benefit ??
« Reply #19 on: 16-10-18, 10:29AM »
Nobody has to use the 'new benefit'.

@Wearethehearts, we already have topics on the merits or not of USDAW and its officials.
Nomad ( Forum Admin )
It's better to be up in arms than down on your knees.

barafear

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Re: New benefit ??
« Reply #20 on: 16-10-18, 11:07AM »
I know it's not perfect - but the new benefit (or Salary Finance's business model/PR) does seem to suggest that it is workers with current outstanding debts who most seem to benefit - almost like a switching service - instead of paying X, Y and Z 35% interest, consolidate to us and pay 20%.
Hence save 15%.

Not specifically encouraging new debt......although I understand it's a fine line........

Duracell

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Re: New benefit ??
« Reply #21 on: 16-10-18, 11:28AM »
My Opinion is exactly that, Mine.  Based on my view of what I know , see and what I would do.
"Being a rep doesn't make a person right anymore than not being a rep makes a person wrong " 

Duracell.

barafear

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Re: New benefit ??
« Reply #22 on: 16-10-18, 12:28PM »
I believe my "mock application" suggested DD because they couldn't find my employee number on their system (as I don't work at one of the trail stores/DCs). I do think, reading about the company, that they do generally use payroll deductions for the payments.
I understand the general sentiment about the mockery of Tesco suppressing our pay and conditions and then possibly joining up with a company like this - but according to their website, the company already work with several organisations who it might be argued pay their workers a "fair wage" (BT being one I remember, and Metro Bank)

RubyRed

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Re: New benefit ??
« Reply #23 on: 16-10-18, 09:21PM »

just curious

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Re: New benefit ??
« Reply #24 on: 16-10-18, 11:10PM »