Life Health Solutions and Paymenow signs strategic partnership to support employee financial resilience

Johannesburg - Experts in health risk management, Life Health Solutions, a part of Life Healthcare, has announced a strategic partnership with Paymenow, an earned wage access company that promotes financial inclusion and wellness, in an effort to alleviate financial strain experienced by employees.

The collaboration between the two organisations aims to offer employees direct access to a percentage of their already-earned wages, through Life Health Solutions' employee wellness offering provided to its clients and their employees.

"The impact of financial stress on mental health has been well documented. Within the work environment, this can lead to a decrease in focus and productivity, which directly impacts the bottom line," says Life Health Solutions Head of Quality, Dr Leanne Mandim. She continues to explain that in high-risk sectors, such as the mining or manufacturing industries, this can also escalate the number of workplace accidents due to absent-mindedness, which not only increases business risk but can have catastrophic consequences for the lives and livelihoods of employees.

"Given the increase in financial stress faced by many South Africans, our partnership with Paymenow aims to support employees' financial wellness in a dignified manner. We're delighted to be able to contribute to our economy in this way", she added.

Deon Nobrega, CEO of Paymenow, adds, 'We're proud of the potential that our partnership with Life Health Solutions holds to transform financial narratives. Our platform seamlessly integrates with payroll systems and we're confident that this will help to slow the trend of employees taking out high-risk loans and becoming mired in unmanageable debt and stress, which is incredibly taxing on South Africa's combined mental health.

Nobrega continued to say that Paymenow is a confidential solution that bypasses the need for employees to speak to their human resources department or ask for an advance. Yet, it remains a responsible access point to additional funds. "Additionally, if an employee continues to face financial struggles, they can access confidential support and advice through the various holistic wellness offerings and interventions available through Life Health Solutions", he concluded.'

Existing and new Life Health Solutions clients now have access to the benefits of this partnership with Paymenow.