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Home / Companies / News /  PayPal ties up with EarlySalary to give employees instant salary advances
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PayPal on Tuesday announced its partnership with lending company EarlySalary to extend cash advances facility to its employees. Under this arrangement, Paypal’s employees will be able to instantly withdraw a percentage of their salary in advance.

EarlySalary will calculate the daily earning of an employee and enable them to withdraw a percentage of that during a specified withdrawal window each calendar month, Paypal explained in its statement. Employees will be able to choose the amount they would like to withdraw within the monthly cap and instantly get that amount in their bank account. PayPal said the service will give its employees better financial flexibility.

“We’re committed to using our platform to democratize financial services and improve financial health - breaking down barriers and making it easier for people to manage their financial lives and pursue their dreams. We have partnered with EarlySalary to offer employees the flexibility of accessing their salary to navigate cash flow challenges, stay on budget, build financial resilience and reach their long-term savings goals," said Jayanthi Vaidyanathan, Senior Director and Head HR, PayPal India.

PayPal said it has launched an employee financial wellness initiative after conducting an assessment in 2018 that examined the financial wellness of its entry-level employees. Under this initiative, the company found that despite market pay alignment, many employees were still struggling to pay their bills each month and in response to those findings, it took immediate action to address these issues with the goal of increasing its employees’ net disposable income (NDI). Tie-up with EarlySalary is part of the initiatives taken by PayPal to improve its employee's financial well-being.

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