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An Earned Wage Access (EWA) platform is a financial technology service that allows employees to access their earned wages before their scheduled payday. This platform allows employees to withdraw a portion of their earned wages, which is then deducted from their next paycheck. EWA platforms are designed to help employees manage their finances and avoid costly payday loans or overdraft fees. They also provide employers with a tool to improve employee financial wellness and reduce turnover.
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Earned Wage Access (EWA) is a financial service that allows employees to access their earned wages before their regular payday. This is often facilitated through a platform or app, which connects to the employer's payroll system to track how much the employee has earned at any given time.

Here's a basic overview of how it works:

  1. Work Performed: The employee works their regular hours. The EWA platform tracks these hours and calculates the wages earned.

  2. Request for Access: If the employee needs access to their wages before payday, they can make a request through the EWA platform.

  3. Funds Transferred: The EWA platform then transfers the requested amount to the employee. This can often be done instantly or within a few hours.

  4. Repayment: The transferred amount is then deducted from the employee's next paycheck.

EWA platforms can be beneficial for employees living paycheck to paycheck, as they can provide a safety net in case of unexpected expenses. They can also help to reduce reliance on high-cost payday loans.

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