When the pandemic hit and social restrictions were imposed, many restaurant employees struggled with massive layoffs, a severe decline in working hours, and salary reductions by employers to reduce business costs. While restaurants made a quick turn to pick-up and delivery service to survive, those unemployed individuals had no choice but to seek employment elsewhere or sign on for unemployment benefits.
wagely, Asia's leading financial wellness platform, was named among the global winners of the 2022 Inclusive Fintech 50 (IF50) for its work towards supporting the financial inclusion of low-to-middle-income workers in Indonesia and Bangladesh with its earned wage access solution.
Money worries are one of the leading sources of stress for many Indonesian workers. Along with the economic uncertainty, the rising prices for daily necessities are taking a toll on people's financial stress with a grave impact on their mental health. In fact, over a third (37%) of Indonesian employees are experiencing everyday stress, and one in three say they are financially worse off than before, according to the Mercer Marsh Benefits’ report of 2021.
Some of you might have heard about financial literacy when discussing financial planning, but do you really know what it is? According to Investopedia, financial literacy is the knowledge or ability to understand and effectively use various financial skills, including financial planning, budgeting, saving, and investing.
wagely, Asia's leading financial wellness platform, and CekAja, Southeast Asia's fastest growing financial marketplace, today announced a new strategic partnership to accelerate worker financial wellness in Indonesia. For the first phase, the partnership aims to support workers in the manufacturing sector, one of Indonesia's largest employment sectors with around 18.7 million workers. The collaboration creates a significant value-add to CekAja's service portfolio by expanding into Earned Wage Access (EWA), offering their existing corporate partners an invaluable tool to reduce worker financial stress to benefit from higher retention, productivity, and satisfaction.
