SUBANG JAYA, 10 November 2022 - Digi Telecommunications Sdn Bhd (Digi) today announced a new partnership between its innovation arm, Digi-X, and financial wellness platform, HariGaji to bring Malaysian businesses a powerful new feature, Earned Wage Access (EWA). As part of Digi’s HR super app, altHR, this new feature will give users the access to short-term liquidity, with employees able to withdraw up to 50% of their earned salaries directly from the platform at any point in the month.
Through EWA, employees on altHR can now access emergency funds with improved financial security, and reduced waiting time to within an hour for updates on withdrawal requests. While they will be subjected to a transaction fee of RM15 for the first transaction or withdrawal in the month, HariGaji will be processing all subsequent transactions within the same month for free.
Moreover, with EWA integrated into the super app, employers on altHR will have access to the Earned Wage Access feature at no additional cost. This not only allows them to effectively offer salary advances to their employees without impacting their working capital but also improved employee relations, reduced employee turnover, and annual rehiring costs. According to findings1, the availability of Earned Wage Access can result in a reduction of employee turnover of at least 16% - thereby eliminating the potential cost of rehiring new staff which can cost up to 33% of an employee’s salary per annum.
“The Earned Wage Access partnership is a key milestone for HariGaji and altHR. We've been working on this for a long time and it's great to finally see it come to live. EWA is going to revolutionise the way employees manage their finances, giving them the flexibility and freedom to focus on their jobs and help employers stay competitive in this tough job market. This partnership will enable companies using altHR to adopt EWA within a few clicks, giving them a lot more reasons to join the movement,’’ said Annamalai Thani, CEO and Co-Founder of HariGaji.
“Today, financial accessibility has become more crucial than ever. We regularly speak to our customers to see how altHR can contribute to employee engagement and empowerment, and the launch of HariGaji’s Earned Wage Access feature on altHR is another example of Digi’s steadfast commitment to supporting businesses, employers, and employees in Malaysia through digitalisation and connectivity,” said Kathryn Lee, the Head of Digi-X.
The launch of altHR’s Earned Wage Feature in collaboration with HariGaji is another step toward Digi’s and Digi-X’s commitment to empower Malaysian businesses through digitalisation. HariGaji is the first Earned Wage Access Provider in Malaysia and is Shariah-compliant as certified by MDEC's Islamic digital economy.
For more information on the altHR and HariGaji partnership, please visit: https://althr.my/.