Clipper Logistics has become the first logistics provider to remove the locked pay cycle and offer staff flexible pay.

A new partnership with charity-backed financial wellbeing provider Wagestream will see a range of services rolled out to reduce employees’ financial stress, build financial resilience and improve their overall wellbeing.

Wagestream aims to reduce financial stress and improve the financial health of every worker. 

Wagestream is part-owned by the UK’s leading financial charities and impact funds – including Joseph Rowntree Foundation, Big Society Capital, Social Tech Trust, Barrow Cadbury Trust and the Fair By Design Fund. 

The new initiative means Clipper also becomes one of the first employers to offer flexible pay (EWA), since a study revealed the positive impact it has on employee quality of life. 

EWA sees employers return to offering staff flexible access to wages already earned and owed, throughout the month. 

It replaces the extended, locked pay cycle concept, invented in the 1960s as banking infrastructure evolved and processing fees became expensive for employers and banking providers.

Nicholas Beadle, HR Operations Director at Clipper Logistics, said: “Giving people a fair chance, and empowering them to fulfil their potential, has been core to our continued growth, at Clipper – from the various Clipper apprenticeship schemes, to our  multi-award winning Fresh Start Programme.

“That’s why we’re partnering with Wagestream and rolling out a financial wellbeing programme that’s backed by leading charities and proven by data to improve quality of life. We’re proud to be the first logistics organisation taking this step and hope to see our industry peers follow suit in the future.”