The Labor Department reported wage growth advanced at a healthy 1.2% pace in the July-through-September period, accelerating from the prior quarter’s 1% rise and contributing to a pickup in overall compensation growth
Are wages driving inflation? An analysis from job site ZipRecruiter showed that consumer prices rose faster than private sector wages from 2020’s first quarter through 2023’s third quarter: consumer prices grew 18.2% versus compensation growth of 16%
“The ECI data suggests that for the most part, wage growth has been slower than inflation, so it’s the tail wagging the dog, not the other way around with inflation that’s pulling up wages, not wages that are driving inflation” Julia Pollak, Chief Economist at ZipRecruiter
Earned Wage Access Also Continues Massive Payday Sector Momentum
EWA advances have nearly tripled over the last 3 years with 71% of middle market companies now offering EWA to their employees
EWA enables cash-strapped workers to receive a portion of their wages before the usual payday. The industry has become a hotbed of innovation as FinTech companies continue to increase the speed and convenience of employees receiving funds
“New technologies such as faster payments, real-time updates and digital accounts can help people manage their money with minimal disruption, and these technological advances are helping EWA users” -Brian Tate, CEO of the Innovative Payments Association
Core EWA Benefits:
✓ Increased employee retention rate by as much as 36%
✓ Increased employee hiring dynamics by 75%
✓ Reduces employee on-the-job financial stress by 75%
The EWA Zero Cost Advantage
Rellevate’s revolutionary EWA platform featuring Pay Any-Day for both employee Direct Deposit Accounts and Pay Cards is a zero-cost program for employers
Rellevate: Recognized Financial Services Leaders with over 3 million accounts and over $1 Billion in volume in the last year alone
