UK urges low-paid workers to join savings scheme with government bonus
The UK government is encouraging low-paid workers to use Help to Save, a government-backed account aimed at people on universal credit. Participants can receive a bonus of 50p for every £1 saved over four years, although the supplied material does not give eligibility thresholds or enrolment figures.
The UK government is encouraging low-paid workers to sign up for Help to Save, a government-backed savings account that offers a cash bonus, according to The Guardian. The scheme is aimed at working people who receive universal credit. It pays a bonus of 50 pence for every £1 saved over a four-year period.
The government’s appeal comes amid claims that millions of eligible people are missing out on the scheme. The supplied material does not provide a figure for the number of people who have enrolled or the number believed to be eligible. It also does not state the minimum or maximum amount participants can save, the detailed eligibility conditions or how the bonus is paid.
Help to Save is presented as a way for people on low incomes to build savings while receiving an additional government contribution. The available information does not include the government’s estimate of how much unused support remains available.
This independently written report is based on information supplied by the named publisher. Vertrix News has not independently verified the source report.