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Fintech startup SalaryFinance to help NHS staff pay off their debts

Financial employee benefit startup SalaryFinance has announced a partnership with benefits provider My Trust Benefits that aims to help NHS staff pay off their debts.

The new partnership will see the London-based fintech firm roll out its employee debt consolidation benefit to over 120,000 NHS Trust staff across England, and to 100,000 private sector employees through My Trust Benefits sister company Groupschemes.

SalaryFinance claims that those who opt-in to the benefit can make savings that equate to a 3%-5% pay rise, allowing employees to quickly repay their debt through a low-cost, fixed loan that’s taken directly from their salary.

Asesh Sarkar, Chief Executive Officer of SalaryFinance, said: “Public sector pay has been a contentious issue in recent months, particularly in the NHS. Through this partnership, we hope to help tens of thousands of NHS Trust staff to pay off their debt quicker and get on the road to financial wellbeing.

“Every year, NHS Trust staff help millions of people improve their physical and emotional wellbeing. We are very excited by the potential to help these terrific people improve their own financial wellbeing”.

Peter Jenkinson, Managing Director of My Trust Benefits added: “This partnership with SalaryFinance will allow us to add to our list of innovative employee benefits that we can offer to staff across the UK.

“With its unique offering, SalaryFinance will undoubtedly help many NHS Trust staff and other UK businesses to improve their personal finances and reduce their stress”.