Wagestream and Wakam to launch affordable income protection for frontline workers

The product, called Enhanced Sick Pay, will provide workers with up to 80% of their usual salary if they are unable to work due to illness or injury. It will be available to over one million workers through UK employers offering Wagestream, such as Bupa, Next, Pizza Express and Co-op.

“We are proud of this partnership with Wagestream, which allows us to consolidate our presence in the UK further,” said Olivier Jaillon, chairman of the board at Wakam. “As a mission-driven company, we see our values reflected in Wagestream’s strong commitment to society. We are excited to be part of this journey.”

“As part of our mission to bring better financial wellbeing to frontline workers, we’re thrilled to partner with Wakam - a trusted insurance provider now in 32 countries, with an ethical approach that helps us put worker wellbeing first,” said Rob Moore, director of insurance at Wagestream. “Too many people come under financial stress if they lose their income for even just a week - but with this partnership, we’ll be able to tackle the problem and give employers a valuable new addition to their financial wellbeing toolkit.”

Enhanced Sick Pay was launched at a time when the UK’s statutory sick pay was among the lowest in the industrialised world. Workers are entitled to just £109.40 per week, equivalent to less than 19% of the UK average pay.

A recent survey by Wagestream found that 95% of workers on statutory sick pay or less would be under financial stress from an absence of just two weeks.

Enhanced Sick Pay will help to bridge the gap between statutory sick pay and a worker’s usual salary. It will also make it easier for workers to claim benefits, as the process will be fully digital and automated.

The launch of Enhanced Sick Pay is a significant development in the fight to improve the financial wellbeing of frontline workers. It is a clear example of how technology can be used to make essential benefits more accessible and affordable.