You may have noticed a new "Savings Amount" column appearing on your tronc reports. Here's everything you need to know about what it is, how it works, and what (if anything) you need to do.
What is it?
Grateful has launched a savings product that allows employees to set aside a portion of their tronc earnings directly into a savings account. It's entirely optional and employee-led - no employer involvement is required or permitted.
How does it work in practice?
When an employee chooses to save, they make a request through the Grateful platform. The maximum they can save is 50% of their tronc value, so the deduction will never be more than half of what they're owed.
On your tronc report, this shows as a net deduction against that employee. The employer then makes a single lump sum payment to Griffin, Grateful's partner bank, and Grateful sends the individual breakdown to Griffin directly so the funds are allocated correctly to each employee's savings account.
Does it affect minimum wage calculations?
No. Tronc sits outside of employment - that's the legal basis on which it qualifies for the NIC dispensation - and the savings product sits outside of employment for exactly the same reason. The deduction is initiated by the employee and managed by the troncmaster, not the employer. The employer's role is purely as a payroll agent passing funds through on behalf of the troncmaster. Because the employer has no involvement in setting up, approving, or directing the savings, there is no minimum wage implication.
What does the payroll team need to do?
When an employee has signed up to save, the savings amount will appear on the tronc report as a net deduction. Treat it as you would any other net deduction on the tronc. The employer will receive separate payment instructions from Grateful for the lump sum to send to Griffin. You do not need to set up any new payment types - just process the net deduction as shown on the report.
Who has access to the savings product?
Only employees at venues that are actively using the Grateful platform will have access. If a client's employees aren't on the platform yet, the savings column will simply remain blank.
What is the name of the account we make payment to?
Sync Savings Limited (Sync are the "Trustee" of that account, and all employees are "Beneficiaries".)
Should I include a reference with the payment?
Yes, please use the unique reference generated by Grateful, which you can find in the platform's admin area.
Where do you find this? In the TRONC view the period gets this bank icon. And then when clicked, you see the payment reference detail.
Where can I read more about STASH?
Questions?
If anything is unclear, get in touch with your tronc manager or contact us at [email protected], and we'll be happy to help.