Facilitating Workplace Emergency Savings Programs Through Payroll Cards

From AARP Public Policy Institute

“There are many ways to structure workplace savings programs, but this report looks at a model that includes four key elements to ensure widespread employer adoption and employee participation: 1) automatic enrollment, 2) consumer-friendly features, 3) regulatory feasibility and 4) affordability for employers.

An “emergency savings card program” meets these requirements. It uses a debit-like payroll card.  Each pay period, a small amount is deducted from the employee’s pay and loaded onto the card for emergency use.”

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Learn more about AARP’s Emergency Savings Solutions at Work

Harvey, Catherine S. David C. John. Facilitating Workplace Emergency Savings Programs through Payroll Cards. Washington, DC: AARP Public Policy Institute https://doi.org/10.26419/ppi.00107.001