Hong Leong Bank launched its latest solution which allows employees to withdraw their advance salary, the HLB Salary Advance Employer Solution in partnership with Paywatch Malaysia Sdn Bhd offers Malaysians access to their earned salaries and manage their advanced salary payouts.
The solution is a simple, seamless digital platform that enables employees to withdraw up to 25% of their monthly earned salaries, whenever the need arises. There are no interest or late charges, except for a nominal service fee of RM 2 per withdrawal.
According to a recent survey conducted by the Bank which involved 420 Malaysian employees and employers, it was found that respondents desire easy access to their wages and better financial control, particularly in times of emergency. The survey also revealed that employees often feel uncomfortable requesting a salary advance from their employers due to emotional factors.
To access the HLB Salary Advance Employer Solution, employees from participating organisations can create an account on the Paywatch app. Once approved, salary advance requests will be credited to the user’s bank account within one business day. On payday, the advanced amount withdrawn will be automatically deducted from the employee’s salary.
On the employers’ end, the solution is designed to be seamless, secure, and convenient. There is no cash flow impact, no deposit required, and no integration with any company software.
