Earn Before You Burn: Understanding Earned Wage Access Benefits

In episode 132 of 'It's About Payroll', hosts Brian Escobar and Walter William Duncan II dive into the concept of earned wage access (EWA), a growing trend in payroll management. They discuss the benefits and potential pitfalls of EWA, citing recent regulatory changes, particularly in states like Colorado and California. The episode includes a rundown of holiday incentive pay and its impact on overtime calculations, as well as a detailed discussion on the fees associated with EWA services. The hosts also debate the future of payroll, including the potential for cryptocurrency and other payment modes. This episode is packed with insights for payroll professionals and employees alike, examining both the human and technical aspects of payroll innovations. 00:00 Introduction to the Podcast 00:21 Episode 132: Earned Wage Access 01:59 Pay News Updates 02:15 Holiday Incentive Pay Case Study 04:24 Earned Wage Access as a Holiday Hiring Incentive 05:19 Sponsorship Shoutout: TimeTrackGo 06:38 Deep Dive into Earned Wage Access 08:12 Regulatory Changes and Compliance 11:29 California's New EWA Regulations 13:30 Federal Oversight and Compliance 15:50 Discussion on EWA Fees and Transparency 20:45 Understanding Earned Wage Access (EWA) 21:20 Third-Party EWA Services Explained 23:16 Statistics and Benefits of EWA 24:36 Impact of EWA on Payroll Professionals 32:33 Future of Payroll: Crypto and New Currencies 35:00 Conclusion and Final Thoughts https://payroll.org/news-resources/news/news-detail/2024/11/08/holiday-incentive-pay-must-be-included-in-colorado-overtime-calculations  Holiday incentive pay is a form of compensation that employers offer to employees who work on holidays. It can take the form of: Time-and-a-half: Employees receive 150% of their normal hourly wage for working on a holiday. Double time: Employees receive their regular rate of pay plus an additional amount for each hour worked on a holiday.  Bonus: Employees receive a bonus for working on a holiday Brian (5 min)  Companies are increasingly offering EWA as a benefit to attract and retain employees. For example, retailers are enhancing holiday hiring incentives by providing on-demand wage access. https://www.wmar2news.com/middaymaryland/retailers-boost-holiday-hiring-incentives-with-on-demand-wage-access-from-dailypay  To learn more about a simply better solution for time tracking, real time reporting, PTO automation, payroll integrations and more visit ]www.timetrakgo.com...  that’s T-I-M-E-T-R-A-K-G-O.com….and start your 14-day free trial today. Let’s GO! https://www.timetrakgo.com/signmeup?utm_source=SMB24&utm_medium=IAP&utm_id=SBM24 Learn more about your ad choices. Visit megaphone.fm/adchoices