Support Pay will introduce free employee benefits for working parents facing difficulties in post-divorce life, following January’s alarming “divorce quarter.”
SupportPay, a U.S.-based co-parenting fintech solution, is responding to an increase in divorce filings by offering employee benefits programs to companies, providing support to single and divorced working parents, and closing the benefits gap. is filling
The program is now available free of charge to help working parents before, during and after divorce.
Fintech payment platforms help working parents manage child support and alimony payments, track shared child expenses, coordinate custody schedules, and streamline parent-to-parent communication through web and mobile apps. Helpful.
Available only in February, working parents, HR leaders, and benefits professionals can register to receive access to the program. This access is available for 3 months.
Divorce rates can rise by a third after the holiday season, according to a study conducted by a law firm, which explains why January is called “divorce month.”
However, fintech coined the term “divorce quarter”. This is because divorce filings typically peak in the first quarter of the year.
in fact, According to research by University of WashingtonAn analysis of divorce filings in Washington State also found an increasing number of working parents who may find it difficult to manage their lives, especially financially, after separation.
Employees often keep quiet about this kind of needed support from employers because of the discomfort, stigma surrounding being a single parent, and the lack of existing offerings. , is much higher than commonly assumed, and SupportPay is helping to close that gap. sherry AtwoodFintech founder and CEO explains.
“It still amazes me how many singles, divorced and co-parents go unnoticed in today’s competitive benefits ecosystem,” commented Atwood.
“For this reason, during the first quarter, we will offer free and unique benefits to businesses and their employees to improve their financial well-being and mental health, while providing employers with a tangible return on investment. Brings
By introducing initiatives to support working parents, companies are engaging in greater initiatives to ensure everyone is supported and thriving in today’s workplace. “
As highlighted in a recent study co-authored by SupportPay, good housekeepinga single divorce can have wide-ranging effects not only on employees, but also on the companies it affects.
The survey found that 81% of divorced employees lost productivity for a year or more, 73% experienced increased absenteeism, and 67% experienced decreased health and financial well-being.
The survey found that 70% of employees experience the effects of divorce on a regular basis. SupportPay’s solutions aim to reduce the financial stress associated with divorce and separation while increasing productivity, reducing turnover and facilitating the process towards healthy parenthood.
As of February 2023, the following companies Hearst Corporation Several other Fortune 500 companies have also partnered with SupportPay to provide access to the platform for their employees and their parents.