Cardiff Bus Wins National Credit Union Title
Cardiff Bus has received a Credit Unions of Wales Award for working to help improve the financial health of its staff.
The company was nominated for the Payroll Partner (Public Sector) by Cardiff & Vale Credit Union and received the award from BBC broadcaster Jennifer Jones at a special ceremony in Cardiff Bay
The payroll partnership scheme between Cardiff Bus and their local credit union has been running for 20 years and nearly half of employees are credit union members.
Cynthia Ogbonna, Managing Director of Cardiff Bus said “We are delighted to receive this award from Credit Unions of Wales. Nearly half of our employees benefit from its membership and we frequently receive feedback from staff that the payroll scheme helps them to budget effectively.
“Cardiff & Vale Credit Union help us to support the financial wellbeing of our employees with regular promotional sessions, leaflets and posters. We would like to thank them for their continued partnership over the past 20 years.”
Cardiff Bus allows regular credit union promotional sessions in their canteen, helps to distribute leaflets, payslip messages and posters of promotions and services available to employees.
In the past year, 66 affordable loans with a combined value of £144,340 have been granted to employees. The combined savings of Cardiff Bus employees is £242,313.
Leanne Herberg, General Manager of Cardiff & Vale Credit Union said: “Cardiff Bus are an excellent example of how payroll partnerships work to the benefit of their staff.
“We receive regular feedback from staff that the payroll scheme helps them to budget effectively, and staff are pro-active in recommending us to their family and friends, reflecting one of our most engaged partnerships.”
Cardiff Bus was one of eight award winners at The Pierhead which also welcomed Jane Hutt AM, Patron of the Credit Unions of Wales who is spearheading a campaign for Welsh people to take a stand against high cost credit providers
It comes following an announcement that people in Wales are more susceptible to over-indebtedness than any other country in the UK, with 440,000 at risk of being unable to keep up with credit repayments.
According to the study by the Money Advice Service, more than one in six people in Wales are at risk of being unable to keep up with credit repayments.
Michael Sheen, actor and founder of the End High Cost Credit Alliance said: “As a Patron of Credit Unions of Wales it’s an honour to support the awards in raising the profile of the great achievements made this year.
“Fair and responsible finance that can respond to the real needs of people in communities across Wales and the rest of the UK is core to my mission with the End High Cost Credit Alliance, of which I’m proud to say Credit Unions of Wales is an important member.
“For the movement to win the battle against high cost credit, we need effective providers and that includes credit unions. So today is a great opportunity to showcase what works and to raise the profile so that more people join their local credit union. Congratulations to all of this year’s winners.”
The Credit Unions of Wales Awards were sponsored by ABCUL, Change Account, Engage and supported by the Welsh Government.