By Yadarisa Shabong

November 21 (Reuters) – Compass Group contract catering CPG.L said on Monday that he had recently launched a payday advance scheme and a new grant for employees in Britain facing financial hardship and struggling with a worsening cost of living crisis.

Inflation in Britain has hit a 41-year high, driven by the rising cost of everything from food to energy, leaving poorer households in a precarious position and prompting some employers to offer help extra to retain staff.

Compass, which employs 50,000 people in Britain and Ireland, said the advance option gives monthly earners the chance to withdraw up to 50% of their pay before payday.

The world’s biggest catering group said it was too early to give figures on the prepayment scheme, which was officially launched last Wednesday.

These employees can make up to three withdrawals per pay cycle in addition to their normal salary, he added.

For staff in financial difficulty, Compass said it also officially launched a “Helping Hands” fund earlier this month and offers debt consolidation at a lower interest cost than they would face in the market. .

There have been 63 applicants for the new fund over the past month, he said, without giving details on its size.

Tesco TSCO.Lone of the UK’s largest private sector employers, is also offering its employees advances on their salaries.

Cleaning and property management company FriendshipMTO.L also offered some staff a “winter support package”, which includes an option to borrow against future salary.

In the United States, Compass said its more established “same-day pay” initiative is used by about 15,000 employees.

CEO Dominic Blakemore said fair pay is Compass’ main focus, with 60% of its UK workforce on actual living wage.

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(Reporting by Yadarisa Shabong; Editing by Alexander Smith)

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