Care workers offered savings plan to ease cost-of-living crisis

Two hull-based companies have formed a partnership to help care staff during the current cost-of-living crisis.

HICA Group, a not-for-profit care organisation, is working with the Hull and East Yorkshire Credit Union (HEY) to provide a staff saving scheme, which will offer employees the chance to join the credit union, opting for a percentage of their salary to be deducted and automatically transferred to their savings account.

Founded in 1992, the care group owns and manages residential 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.’

Established 23 years ago, HEY Credit Union ensures up to £85,000 of members’ savings are protected by the Financial Services Compensation Scheme, which provides protection for customers of failed financial service firms.

According to a ‘Skills for Care Report’, which was published on The Health Foundation, one in five care workers were living in poverty before the cost-of-living began to bite, suggesting that even more workers will now be struggling to save.

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.’

Photo by Andre Taissin