Close Menu
    Latest Category
    • Finance
    • Tech
    • EU Law
    • Energy
    • About
    • Contact
    EUbusiness.com | EU news, business and politicsEUbusiness.com | EU news, business and politics
    Login
    • EU News
    • Focus
    • Guides
    • Press
    • Jobs
    • Events
    • Directory
    EUbusiness.com | EU news, business and politicsEUbusiness.com | EU news, business and politics
    Home » Reducing Pressures of the Cost of Living: 5 Potential Employee Benefits

    Reducing Pressures of the Cost of Living: 5 Potential Employee Benefits

    npsBy nps18 May 2023Updated:4 July 2024 No Comments3 Mins Read
    — Filed under: Focus
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The cost of living has increased to unfathomable highs in much of the world, from Europe to America, and it shows no signs of slowing down. In many cases, it means that families are no longer able to survive on their income alone, which has turned the focus towards employer benefits. With this in mind, we take a look at how businesses can alleviate the pressure of the cost of living for those in their employment.

    Pay a Fair Wage

    People are spending more money on utilities and food than ever before, and it’s those with the lowest income that are being hit the hardest ? in particular, the employees earning a basic federal minimum wage of $7.25.

    The most obvious solution to the issue is for businesses to dig into their pockets and increase wages and salaries. However, the increase in prices doesn’t discriminate, meaning businesses are suffering as well and may not afford to pay it forward this way – and here we enter a vicious cycle.

    Offer Prepaid Cards

    Even though businesses may not be able to afford wage increases, which can be unpredictable when you factor in overtime and bonuses, they can have more control by offering prepaid cards. For example, you can provide locked prepaid cards for buying over-the-counter products. By doing this, you can save your employees money on their medical expenses, which can be diverted toward their utilities and food shopping.

    Provide Financial Education

    In a Forbes article, it has been suggested that two-thirds of adults can’t pass a simple financial literacy test, which is causing severe unrest amidst the cost of living crisis. Naturally, external anxieties and depression bleed into working life, which affects productivity. Therefore, businesses may benefit from providing financial education to their employees including:

    • Managing debts
    • Budgeting
    • Employee financial support availability
    • The importance of employee pensions
    • Safety nets

    Make Mental Health Provisions

    Mental health issues are one of the leading reasons for workers to take days off, and much of this can be caused by financial anxiety. Therefore, to reduce the time your employees are taking off because of mental health issues, you should consider providing employee support programs. When employees have access to early prevention programs, they’re much more likely to receive the necessary counseling on time and be in a fit state to stay at work.

    Pay Back Unused Annual Leave

    The BBC reports that around 54% of US workers don’t take their annual leave, which is surprising given the stresses of society and the fact that these are often paid. Even though taking time off work is fantastic for mental well-being, there are no laws against not taking leave. However, while the cost of living is flying high, employers can help by selling back hours.

    The rising cost of living is putting more pressure on people, which often causes poor mental health and diminished productivity. Naturally, this isn’t beneficial from an employer’s perspective, which is why they must use the above measures to alleviate employee strain caused by the cost-of-living crisis.

    Add A Comment
    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    nps
    • Website

    Related Content

    Euro - ECB-Photo by Mika Baumeister on Unsplash

    US Fed leaves interest rates unchanged citing resilient economy – Euro currency news daily

    Investment - Photo by Anna Tarazevich on Pexels

    EU agrees on shorter settlement cycle for securities trading

    Trade front loader beside intermodal containers - Photo by Chanaka on Pexels

    MEPs seal deal with Council to simplify EU carbon leakage instrument

    Job interview recruitment - Photo by Edmond Dantès on Pexels

    How to Improve Your Search for Better Marketing Talent

    Credit card terminal - Photo by Yan Krukau on Pexels

    How to Reduce Payment Processing Fees in Your Business

    Health research - Photo by National Cancer Institute on Unsplash

    EU awards EUR 721m funding for cutting-edge research

    LATEST EU NEWS
    Euro - ECB-Photo by Mika Baumeister on Unsplash

    US Fed leaves interest rates unchanged citing resilient economy – Euro currency news daily

    19 June 2025
    Investment - Photo by Anna Tarazevich on Pexels

    EU agrees on shorter settlement cycle for securities trading

    18 June 2025
    Trade front loader beside intermodal containers - Photo by Chanaka on Pexels

    MEPs seal deal with Council to simplify EU carbon leakage instrument

    18 June 2025
    Health research - Photo by National Cancer Institute on Unsplash

    EU awards EUR 721m funding for cutting-edge research

    17 June 2025
    mobile-phone-Smartphone - Image by Dariusz Sankowski from Pixabay

    Brussels proposes cheap calls for Ukrainians in EU from 2026

    17 June 2025

    Subscribe to EUbusiness Week

    Get the latest EU news

    CONTACT INFO

    • EUbusiness Ltd 117 High Street, Chesham Buckinghamshire, HP5 1DE United Kingdom
    • +44(0)20 8058 8232
    • service@eubusiness.com

    INFORMATION

    • About Us
    • Advertising
    • Contact Info

    Services

    • Privacy Policy
    • Terms
    • EU News

    SOCIAL MEDIA

    Facebook
    eubusiness.com © EUbusiness Ltd 2025

    Design and developed by : 

    Type above and press Enter to search. Press Esc to cancel.

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Lost password?