Is daily pay the next big perk?

Experts differ on pros, cons
By Marcel Vander Wier
|Canadian HR Reporter|Last Updated: 11/13/2017

Touted as a way to provide employees with additional financial security while increasing retention, new technology is enabling employers to pay workers daily.

Employees can now access their earnings as soon as a work shift ends — a perk adopted by major restaurant chains such as McDonald’s and Earls.

Vancouver-based Instant Financial’s technology, for example,  allows workers to receive up to 50 per cent of their daily wages during the first hour after working a shift. All instant pay requests require manager approval and are rendered via a debit card. Money can be withdrawn at an ATM or transferred to a bank account via the card.