As part of MVF’s ongoing commitment to investing in the wellbeing of our employees, we began work in the summer of 2022 on a cost of living support package, and in October we unveiled our plans to support MVFers.
The package includes:
We feel it is really important to provide financial education and support to our MVFers. Maji is a financial wellbeing and education platform to help you feel confident and in control of your finances and also work on your personal financial goals.
MVFers can sign up to their free account and use the open banking feature to track spending, connect to Maji’s insights, budgeting tools, finance planners and the Maji Money Academy – which provides step by step action plans to tackle specific issues such as debt, investments, protection and pensions.
Maji also provides employees with a financial health check tool to give a financial wellness score that will help Maji to target real time digital interventions tailored to the user.
MVF will also use the data to provide the most financially stressed employees, with their consent, access to 1-2-1 coaching sessions with qualified financial coaches.
Healthcare cash plan
Launched via provider – Medicash. The Healthcare Cash Plan allows UK MVFers to claim back a significant proportion of their spend on everyday health needs. MVFers are also able to add up to four children free of charge and have the option to add a partner and/or increase coverage levels (at additional cost via salary sacrifice).
MVF’s Senior Reward Partner, Chung Lo said:
“Some benefits and rewards can often struggle to be valued by employees, but I am so excited that we’ve launched a package which will immediately deliver value to all MVFers! At a time when everyone is having to make significant savings to keep the lights on, it’s extremely important to ensure we support MVFers in being able to access routine health care. Medicash offers a slick and great value way to support this, while also ensuring we all get huge discounts on everyday shopping and gyms!”
The benefit additionally includes shopping discounts & cashback on everyday shopping, travel, entertainment, dining, and more. Allowing MVFers to make their money go further.
Cost of living allowance
Two equal cash instalments to be paid to MVFers in their Nov 2022 and Jan 2023 pay, calculated on a sliding scale to support those who need it most. This decision was made in consultation with MVFers who said the most helpful financial support would be cash lump sums to help pay for big bills such as rent and utilities.
MVF’s Health & Wellbeing Partner Hannah Meredith said:
“I am so pleased to be able to provide our employees with vital support at this challenging time. According to financial surveys by PwC and CIPD, financial pressures are currently the number one cause of stress and poor mental health and it’s estimated that over 94% of employees are likely to be worrying about money. It’s our hope that the support package will not only help to alleviate some of these pressures in the short term but also provide much needed longer term financial wellbeing support and help our employees to achieve their financial goals.”