Hourly Work Changes by the Shift but Payday Doesn’t
For millions of hourly and shift workers, flexibility is built into when they work but rarely into when they get paid. Labor Economy workers are hourly, gig, seasonal or shift-based workers earning no more than $25 an hour and typically less than $50,000 a year. Only 11% of them have access to on-demand pay through […] The post Hourly Work Changes by the Shift but Payday Doesn’t appeared first on…
A PYMNTS Intelligence report reveals that hourly workers in the Labor Economy, who earn less than $50,000 a year, have limited access to on-demand pay. Only 11% of these workers have the ability to access wages earned earlier in the payroll cycle, compared to the same rate for workers outside this segment. This limited availability creates financial uncertainty, with 26% of Labor Economy workers earning less than expected during pay periods that experience schedule changes.
As a result, many of these workers must rely on savings, emergency funds, or credit they hadn't planned to use. The report highlights the need for employers and financial institutions to better accommodate the wage cycle, offering a payment option that would give workers greater flexibility to manage their finances when unexpected schedule changes occur.
Written by urgent.news from PYMNTS's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
