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Research has shown that many employees are now taking the opportunity of low interest rates to try and pay off as much of their debts as possible. Further interest rate cuts and income tax relief would relatively ease the severity of problem of financial distress. An employee with personal financial problems very often is living from pay check by pay check, with numerous micro loans and accounts in arrears.
Employees burdened by personal financial problem will most likely:
One of the benefits of offering a Corporate Debt Counselling program is to show employees that the organisation does care about their staff members, which improves morale and boosts motivation. The stress that individuals face when in debts results in low self-confidence and productivity.
Organisations can make it a lifetime responsibility to protect themselves, as well as their employees against this problem by:
Employers need to take steps to curb the severity of their staff’s personal debt problems and its consequences to their companies.