Low on Funds? This Bank Program Lets Eligible Employees Access Their Salary Before Payday

(SPOT.ph) Petsa de peligro comes for most of us—but for some employees, payday does not have to feel quite so far away. That's the idea behind Chinabank’s Earned Wage Access Plus (EWAP) program, which allows eligible employees to withdraw a portion of their hard-earned salary before official payday.

The best part? This digital service is completely debt-free and interest-free. You don’t have to wait around for approval or credit checks, either. If you and your company are qualified, access is instant.

However, a processing fee of 2% of the withdrawn amount or P150 (whichever is higher) will be automatically deducted from each withdrawal. On payday itself, you won’t have to do a thing to settle it. The exact amount you advanced will be automatically deducted from your salary via an auto-debit arrangement.

Here's everything you need to know about how it works.

Also read: NCR Minimum Wage Will Reach P780 After Its Biggest Hike Yet

Here’s the catch: EWAP isn’t an open-for-all service. It is exclusively available to employees of eligible Chinabank Payroll Companies, so your eligibility depends entirely on where you work.

To access EWAP, your employer needs to be an onboarded and qualified Chinabank Payroll Partner Company. Essentially, your company must be using Chinabank’s payroll system and be enrolled in the EWAP program.

So, how do you know if your company is among the lucky ones? Once a company is onboarded and details are in the system, eligible employees should receive a message or notification inviting them to download and register on the app. Otherwise, you can directly ask your HR department whether your company is part of the EWAP.

 
And for the rest of us—here’s to hoping more banks and companies follow suit, right?

If you are eligible, everything else is surprisingly easy. 

Step 1: Download the Paywatch app. Once you receive your invite, look for the Paywatch app on the App Store or Play Store. Download it to your smartphone to get started.

Step 2: Register your account. Open the app and enter your details to register. The app will automatically validate your information against the data your employer has uploaded. Once it matches, review and accept the terms and conditions.

Step 3: Check your real-time balance. Log in 24/7 to see your available balance for the day. Your withdrawable amount builds up daily based on the hours you have already worked during that specific payroll cut-off period.

Step 4: Request a withdrawal. You can make multiple small withdrawals within a single payroll period. The absolute minimum you can withdraw is P1,000, while the upper limit is set by your company (not exceeding 50% of your earned salary or a total cap of P30,000 per cut-off). You can withdraw until two banking days before your scheduled payday.

Step 5: Receive your funds instantly. The funds are immediately credited directly to your regular Chinabank Payroll account. From there, you can use it exactly like your regular salary, whether that means withdrawing at an ATM, transferring funds, or paying bills online.

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