MyShubhLife, India’s next-gen digital lending and full-stack monetary service platform, declares the launch of its Wage On-demand product ‘Shubh Now’, extending the model’s monetary wellness portfolio for corporations. The product affords a quick, seamless and handy mode for workers to entry their salaries in real-time through Whats App.
Since its inception, MyShubhLife has strengthened its Monetary Inclusion targets by constructing contextual merchandise for its buyer section, the Subsequent Half Billion. To deal with the rising want for worker wellbeing and forestall the mid-month monetary crunch of workforces, MyShubhLife launched an modern resolution, SHUBH NOW – Earned wage entry (EWA). It allows company staff to entry a portion of their earned wage any time earlier than their payday and get the rest paid on the finish of the month with out disrupting the payroll. This allows the workforces to achieve larger monetary freedom and subsequently educate themselves on managing their funds.The customers can entry Shubh Now (EWA) through Whatsapp with out the necessity to entry the MyShubhLife app, permitting them a hassle-free but safe and clear expertise. With this step, salaries can now be accessed by a broader vary of audiences, together with those that are much less tech-savvy however aware of WhatsApp. Moreover, employers can arrange the Shubh Now (EWA) course of in lower than two days and luxuriate in sure key advantages within the quick and long run. It empowers them with working capital financial savings, improves worker productiveness & satisfaction, reduces turnover prices, attracts and retains extra expertise, and eliminates the workers’ want for high-interest loans.
Talking on the launch, Mr. Monish Anand, CEO, MyShubhLife mentioned, “A majority of the Indian workforce get a month-to-month paycheck versus the bi-monthly or weekly paychecks of their western counterparts. It’s generally identified that any unexpected circumstance between the months can set off a rush for emergency funds for employees who receives a commission solely as soon as a month. For these with low month-to-month incomes, it’s a greater monetary burden as short-term hand loans are costly borrowings. If these employees get easy accessibility to their earned wage effectively earlier than payday, it might translate to self-reliance”
“With the launch of Shubh Now (EWA), we wish to promote immediate entry to 1’s personal cash as quickly as monetary emergencies emerge. It will likely be notably useful to lower-income employees who typically reside from paycheck to paycheck. These employees are the spine of the economic system, however they’re typically denied entry to formal credit score from conventional establishments. Shubh Now (EWA) affords employees well timed and dignified entry to liquidity proper from their smartphones.” he additional added.
Moreover, below their company wellness programme enabling monetary inclusion, the corporate had earlier launched the flagship gold membership program ‘ShubhSaathi’, providing a mixture of merchandise equivalent to insurance coverage, loans, facilitating the preparation of a credit score rating, mutual fund SIPs, e-gold, e-tax submitting and invoice funds. The programme is aimed to supply seamless help to the workers of its companion companies falling into the revenue bracket of Rs. 1.5 lacs to Rs. 4 lacs every year.
MyShubhLife helps 6 Indian languages on its app and may be accessed on Google Playstore.