Care workers offered savings plan to ease cost of living crisis

Two Hull-based companies have established a partnership to help employees during the current cost-of-living crisis.

Not-for-profit care organisation HICA Group has partnered with HEY Credit Union to provide a staff savings scheme.

HICA Group is offering all employees an opportunity to save money more easily during this challenging economic period. All staff are able to join the credit union, opting for a percentage of their salary to be deducted automatically and transferred directly to their own savings account.

The care group owns and manages residential care homes across Yorkshire, Humberside and Lincolnshire as well as two retirement villages in East Yorkshire and Lancashire, employing over 1,500 people.

Terry Peel, CEO at HICA Group, said: “Our team is the backbone of our not-for-profit organisation. They work incredibly hard, demonstrating commitment and passion to their roles and we aim to show our appreciation of this through the benefits we provide to those who work for us.

“Financial security is a key concern for many people right now, including our employees, which is why we want to offer people the option of saving money directly from their salary.

“By working with a local credit union, we’re able to offer this in a structured and secure way so that employees can regularly save money and adapt to a new way of managing their finances.”

“We chose to partner with HEY Credit Union as it’s a local organisation that prioritises the financial wellbeing of people, offering affordable and ethical financial services that genuinely help people to manage their money better.”

Established 23 years ago, Hey Credit Union is a not-for-profit financial co-operative providing fair and responsible saving schemes and loans for those living in East Yorkshire, Hull and Northern Lincolnshire. In the same way as other financial institutions, members’ savings are protected (up to a £85,000) by the Financial Services Compensation Scheme.

John Smith, chief executive at HEY Credit Union, said: “We’re pleased to be working in partnership with HICA Group offering a salary saving scheme that gives employees access to an ethical saving provision. Through the partnership, The HICA Group is supporting employee financial wellbeing with a highly regulated yet deeply community-focused local organisation which is proud to put people before profit.”

Sheila Harvell, from Hull, who opts into the scheme, said: “The money being taken from my salary before it hits my bank really appealed to me as it feels like I’m saving money without trying.

“I am keen to build up a bank of money for special occasions such as birthdays, Christmas and holidays so that I have money saved and ready to use when I need it, without borrowing.

“The savings benefit offered by HICA allows me to do this in a sensible way as it’s something I can stick to and also gives me peace of mind that I’m saving some money every month.”