Earn Before You Burn: Understanding Earned Wage Access Benefits

Earned Wage Access: Breaking Down Payroll Innovations






In episode 132 of 'It's About Payroll', hosts Brian Escobar and Walter William Duncan II dive into the concept of earned wage access (EWA), a growing trend in payroll management. They discuss the benefits and potential pitfalls of EWA, citing recent regulatory changes, particularly in states like Colorado and California. The episode includes a rundown of holiday incentive pay and its impact on overtime calculations, as well as a detailed discussion on the fees associated with EWA services. The hosts also debate the future of payroll, including the potential for cryptocurrency and other payment modes. This episode is packed with insights for payroll professionals and employees alike, examining both the human and technical aspects of payroll innovations.






00:00 Introduction to the Podcast


00:21 Episode 132: Earned Wage Access


01:59 Pay News Updates


02:15 Holiday Incentive Pay Case Study


04:24 Earned Wage Access as a Holiday Hiring Incentive


05:19 Sponsorship Shoutout: TimeTrackGo


06:38 Deep Dive into Earned Wage Access


08:12 Regulatory Changes and Compliance


11:29 California's New EWA Regulations


13:30 Federal Oversight and Compliance


15:50 Discussion on EWA Fees and Transparency


20:45 Understanding Earned Wage Access (EWA)


21:20 Third-Party EWA Services Explained


23:16 Statistics and Benefits of EWA


24:36 Impact of EWA on Payroll Professionals


32:33 Future of Payroll: Crypto and New Currencies


35:00 Conclusion and Final Thoughts
https://payroll.org/news-resources/ne...






Holiday incentive pay is a form of compensation that employers offer to employees who work on holidays. It can take the form of:


Time-and-a-half: Employees receive 150% of their normal hourly wage for working on a holiday.


Double time: Employees receive their regular rate of pay plus an additional amount for each hour worked on a holiday. 


Bonus: Employees receive a bonus for working on a holiday


Brian (5 min) 


Companies are increasingly offering EWA as a benefit to attract and retain employees. For example, retailers are enhancing holiday hiring incentives by providing on-demand wage access.


https://www.wmar2news.com/middaymaryl...


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