MVF is supporting its multinational workforce amid rising inflation with a new cost-of-living benefit.
The U.K.-based marketing company introduced the new benefit last October, after an employee pulse survey revealed the most helpful financial support would be cash lump sums to help pay for big bills such as rent and utilities, said Hannah Meredith, the organization’s health and well-being partner, in an email to Benefits Canada. In the survey, employees also noted they were feeling the impact of rising everyday costs.
The offering also includes a digital financial well-being platform that provides money management support services, financial health checks and access to qualified financial coaches. The platform allows employees to track their spending, savings and investments, as well as gain insights into their finances by integrating their credit reports. It also helps employees build a budget, plan for the future and get step-by-step action plans to tackle debt, investments and pensions through a digital coach.
The platform also provides employees with shopping discounts and cash back on purchases such as travel, entertainment and dining. MVF also provides its U.K. employees with a health-care cash plan so they can claim a significant proportion of their spend on everyday health needs.
“The support has been really well received by our employees, with many saying it has alleviated some of their financial pressures and stress at this difficult time,” said Meredith. “It’s our hope that the support package will not only help to alleviate some of these pressures in the short term but also provide much needed longer-term financial well-being support and help our employees to achieve their financial goals.”