DWP staff turn to credit unions
29 Jul 16
Over 1,000 staff at the Department for Work and Pensions (DWP) have joined a credit union in the first few weeks of a new partnership.
The DWP launched the new payroll deduction scheme earlier this month at a meeting of the All-Party Parliamentary Group on Credit Unions at Westminster. In just three weeks, more than 1,000 of the Department’s staff have joined either Commsave Credit Union, Hull & East Yorkshire Credit Union or Voyager Alliance Credit Union.
The DWP is one of the largest Government departments, employing around 85,000 people. The new scheme means all of them have the opportunity to easily save and repay loans direct from their pay.
DWP staff have an intranet landing page which allows them to explore what credit unions are all about and then click through to their own online joining form. Because DWP office locations have been divided between the three credit unions, when an employee enters their work postcode, they are routed to the credit union which serves their workplace.
This week, local Member of Parliament and former Secretary of State for Work and Pensions Alan Johnson MP visited Hull & East Yorkshire Credit Union (HEYCU) to celebrate the new partnership (pictured).
HEYCU Chief Executive John Smith said: "Being able to access safe, ethical and affordable financial services through the workplace is a great way to support the wellbeing of employees, helping to improve their financial health and reduce any stress caused by money worries.
"Credit unions are ideally placed to help working people to access financial information and products that cater for their needs at every stage of their career."