“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.”
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