Newport steelworkers benefit from credit union financial schemes
Staff at a leading Welsh steel manufacturing firm are benefiting from a range of saving and affordable loan schemes after entering a partnership with Newport Credit Union.
Liberty Steel Newport has become a credit union payroll partner to offer a range of financial services to their workforce as a perk of employment.
This includes the ability for staff to agree that a nominal amount of money is withdrawn from their wages before they have time to miss – or spend it – and set aside in a saving’s account or used to pay back a low-interest workplace loan.
Anthony Halbert, operations director of Liberty Steel Newport said: “We initially wanted to introduce a Christmas saving scheme for our staff.
“When we learned about the many benefits of becoming a payroll partner with Newport Credit Union we knew this was ideal for our 180 members of staff who are enthusiastic about the range of financial products available to them.”
The Liberty Group is a fully-integrated steel manufacturer with capabilities ranging from liquid steel production through to high value precision-engineered products, sold around the globe.
General Manager of Newport Credit Union Ben West said: “Businesses whose employees save regularly are more financially stable, have lower levels of stress, and are more productive and motivated. They are also less likely to fall absent.
“Liberty Steel is committed to supporting the financial welfare of its workforce through payroll partnership which is an incredibly effective tool to ensure there’s money set aside for a planned event or an unexpected bill.
“Alternatively by borrowing from a credit union, staff are accessing a service with affordable interest rates, helping them to avoid high cost credit.”
Credit Unions across the whole of Wales have forged strong links with more than 140 employers who offer the range of financial services to their workforce.
For further details contact Newport Credit Union on 01633 214913 or visit http://www.newportcreditunion.co.uk/