The Perfume Shop, the UK’s largest fragrance retailer, has introduced its latest financial wellbeing initiative for employees, making 2023/2024 its biggest year yet for employee financial wellbeing support.
The introduction of Wagestream in 2024 is the latest in a long line of financial wellbeing support initiatives The Perfume Shop has recently introduced, as part of its ongoing commitment to supporting its teams. Nearly 40% of the UK workforce and over 50% of the Republic of Ireland workforce have already downloaded the app. On average employees are accessing just over £40 per month before pay day. A key benefit of Wagestream is how it encourages people to save. The build pot feature helps people save up to £1,000 paying 5% interest. Employees have saved over £10,000 since launch.
Within the last 12 months, The Perfume Shop has introduced a raft of financial support initiatives, which has included increasing pay by 10% to the real Living Wage in January ’23, and becoming formally accredited as a real Living Wage employer by the Living Wage Foundation in July ’23, demonstrating their commitment to not only paying their employees the real Living Wage, but also key people outside The Perfume Shop’s employment.
