Sick pay and other financial wellbeing support
Last reviewed on 02 July 2020
Here at the Co-op we want to do everything we can to ensure our colleagues do not suffer financially as a result of Coronavirus.
Therefore, we have decided to treat all genuine self-isolation absences as PAID ABSENCE, whether they are 7 day, 14 day or 12 week spells. This means that no colleague will lose the first 3 days pay (3 day waiting), no colleague will be impacted through exhausted sick pay entitlement.
Like sick pay, PAID ABSENCE is paid based on contract hours. For extended (12 week) self-isolation, we have also introduced ENHANCED PAID ABSENCE (contract pay plus a top-up payment to your average 12 week pay up to the start of the absence).
Co-op colleagues are entitled to 2 days emergency paid leave to deal with emergencies such as childcare issues.
We have introduced Coronavirus Emergency Leave that empowers managers to grant up to 2 weeks emergency paid leave for parents of young children or for Co-op colleagues caring for others.
This is designed to take the immediate pressure off our colleagues and allow them some time to put alternative arrangements in place.
What else does Co-op have available to help me?
As well as our partnership with StepChange, Co-op also provide all colleagues with access to:
Credit Unions – Co-op & Value Credit Unions are able to offer help with working through your finances along with providing access to savings & loans products which are deducted from pay.
Neyber – Neyber have a website packed with financial wellbeing support material and are able to offer loans which are paid back through pay deductions.
Support from our credit unions
Both our credit unions are working hard to support colleagues and are open for business. For the time being you won't be able to visit them in their offices, but all their usual phone email and messaging services are up and running.
Credit unions work in a similar way to banks but can sometimes give you a better deal on saving and borrowing money. They’re free to join. Once you’re a member, you can start saving or apply for a loan.
Joining a credit union does not mean that you will definitely be able to take out a loan. You will need to meet the eligibility criteria set out by the credit union to qualify for a loan.
Regular payments into your savings and loan repayments come straight out of your pay. You can find out more here.
Support from Neyber
Co-op has partnered with Neyber to help you with managing your money. As a Neyber member you will get access to affordable loans to consolidate your existing debt and support to help you reach your financial goals. You can find out more here.