Walmart Bringing Back "Barrow From The Store"

[Cheese]

Shit is crazy. They gonna let they workers take loans out on their next check.

https://www.yahoo.com/finance/news/...w-early-pay-policy-last-resort-215800636.html

Walmart, the largest private employer in the U.S., will begin allowing its 1.44 million employees to access their paychecks before payday.

This policy presents a better alternative to expensive payday loans, but may still encourage people to live beyond their means.

After two years of talks with Even, a fintech startup that helps users budget by accessing upcoming pay early, Walmart (WMT) is rolling out the app to its entire workforce. In conjunction with PayActiv, Even lets employees take up to 50% of the amount they have earned up to that point, prior to the standard 2-week pay period. Individuals can do this interest-free up to eight times annually

 

[Pliny Pete]

 

[punkmother]

walmart was always barely above indentured servitude in the first place. might as well just embrace it.

 

[tdluxon]

1.44 million employees... that's insane

 

[ToxicShocker]

Shit is crazy. They gonna let they workers take loans out on their next check. Yeah thats gonna make they empoylees slaves and O their boss money and be working to pay it back.

https://www.yahoo.com/finance/news/...w-early-pay-policy-last-resort-215800636.html

One, its interest free.
Two, it says they can only borrow what they've already earned, but not been paid.
i.e. Doesn't leave them indebted to their boss...

After two years of talks with Even, a fintech startup that helps users budget by accessing upcoming pay early, Walmart (WMT) is rolling out the app to its entire workforce. In conjunction with PayActiv, Even lets employees take up to 50% of the amount they have earned up to that point, prior to the standard 2-week pay period. Individuals can do this interest-free up to eight times annually

Why does this involve finance start ups? Is this not something Walmart could have figured out on their own? [although pairing with someone else gives you an exit strategy if you are walmart and want to discontinue the program without incurring blame]

Also if its interest free, and presumably fee free, how does "Even" make any money out of this. Also whats PayActiv?

I'm a combination jealous and stupefied at the startups that come out of San Fran.

 

[ralphc1]

 

[Cheese]

One, its interest free.
Two, it says they can only borrow what they've already earned, but not been paid.
i.e. Doesn't leave them indebted to their boss...




Why does this involve finance start ups? Is this not something Walmart could have figured out on their own? [although pairing with someone else gives you an exit strategy if you are walmart and want to discontinue the program without incurring blame]

Also if its interest free, and presumably fee free, how does "Even" make any money out of this. Also whats PayActiv?

I'm a combination jealous and stupefied at the startups that come out of San Fran.

fair points and changes it up.


I not a sure on that but went to they site and they talk alot about what they do and how good they but from I get they are a loan company that charges a fee but not sure if walmartpays them or collects some of the fee.

https://www.payactiv.com/employers/

Employees can access their earned wages for a flat transaction fee. Multiple other services are available at no additional cost.

 

[ToxicShocker]

I do carpentry for a living and ended up building vaults in about 40 pay day lender places. If you've never been in one they are pretty god damn bad. 300% interest, corporate offices based on indian reservations so they can skirt US banking laws etc. Good for anyone who offers a near 0 cost alternative.

Given walmart is a private company we don't know how much the owner family banks each year. I don't think they actually make enough to double their employees pay, and still take home a good share.

Nevermind they are publicly traded.

 

[JSN]

One, its interest free.
Two, it says they can only borrow what they've already earned, but not been paid.
i.e. Doesn't leave them indebted to their boss...




Why does this involve finance start ups? Is this not something Walmart could have figured out on their own? [although pairing with someone else gives you an exit strategy if you are walmart and want to discontinue the program without incurring blame]

Also if its interest free, and presumably fee free, how does "Even" make any money out of this. Also whats PayActiv?

I'm a combination jealous and stupefied at the startups that come out of San Fran.

it might actually be pretty hard to figure out from a cashflow perspective. I bet it adds a lot of weird channeling of funds when you compare it to the steadiness of fixed paydays. The bean counters generally want things as steady as they can get them.

 

[ToxicShocker]

1.44 million employees... that's insane

Lets run some numbers, lets say the walmart family takes home a billion dollars a year. I'd say that's generous since forbes lists the total wealth of the family at 130 billion. (accumulated over 50 years)

If they gave away all that profit via higher wages to their 1.44 million employees, that amounts to $695 or a .33 cent raise.

 

[Necromantic]

walmart was always barely above indentured servitude in the first place. might as well just embrace it.

Yes, people freely working for an agreed upon salary is just like indentured servitude. I mean, lets be real working for wal mart is literally indentured servitude. I say we take every term and just strip it of all meaning.
Hey, the snosberries taste like snosberries.

 

[Mike]

Yes, people freely working for an agreed upon salary is just like indentured servitude. I mean, lets be real working for wal mart is literally indentured servitude. I say we take every term and just strip it of all meaning.
Hey, the snosberries taste like snosberries.

Oh they agreed to the low wage? Not shocking considering how little leverage unskilled workers have. Let's not act like it's reasonable to expect people to live on minimum wage or anything close to it

 

[hillelslovak87]

"Here's a good idea. Let's restrict our employee's wages, limit their hours, and make them do overtime off the books! Then we'll save so much money, because they'll be on government assistance!! Then, get this, we let them put their own checks on layaway!!! YEAH!!!!"

 

[JaneJanes]

Oh they agreed to the low wage? Not shocking considering how little leverage unskilled workers have. Let's not act like it's reasonable to expect people to live on minimum wage or anything close to it

I've known people that worked at Walmart for a couple years and we're making $15/hr full time. Not the greatest job but not bad considering anyone can pretty much work there

 

[The Diplomat]

1.44 million employees... that's insane

In a nation of 320 million, that's not too bad. But these are rotational employees who come and go. Not everyone makes a career out of it

 

[CrimsonFan]

I've worked for plenty of places that let me take loans

 

[Mike]

I've known people that worked at Walmart for a couple years and we're making $15/hr full time. Not the greatest job but not bad considering anyone can pretty much work there

Yeah I've worked there in the past and known people that work there, in multiple states. Even department managers do not make anywhere near $15 an hour, much less hourly employees.

 

[BudKing8806]

Yeah I've worked there in the past and known people that work there, in multiple states. Even department managers do not make anywhere near $15 an hour, much less hourly employees.

You obviously don't know what you're talking about. My brother-in-law works at Walmart as a stock boy and makes 14 something an hour. This is in a rural area where cost of living is very low as well so I'd think they would make more in the bigger cities.

 

[Peteyandjia]

 

[ralphc1]

I've known people that worked at Walmart for a couple years and we're making $15/hr full time. Not the greatest job but not bad considering anyone can pretty much work there

We're = we are

You've known people who worked at Walmart and lied about what they make?