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Mastercard partners with 3 firms to help RMG workers

Oct '19
Pic: Shutterstock
Pic: Shutterstock
Mastercard recently announced a global effort to pay garment factory workers digitally, a pivot the industry is making from traditional cash payroll to ensure workers receive their hard-earned wages securely and consistently. Partners include Levi Strauss & Co., Marks & Spencer, VF Corporation and global non-profit Business for Social Responsibility (BSR).

The program aims to improve the well-being of factory workers who currently lack access to the financial tools and services that can help them and their families thrive.

Around the globe, 230 million adults – nearly 85 percent of adults in low-income countries — who work in the private sector receive their wages in cash. But getting paid in cash creates significant challenges for both employees and factory owners. Not only are workers at risk for theft, but they also have limited ability to save and often have to take days off to travel miles to pay household bills.

Mastercard and its partners are coordinating pilots in Egypt and Cambodia with a hybrid digital payment solution, according to a press release from the company.

Participating factories will have the opportunity to deposit wages directly into workers’ accounts. Workers can then activate debit or prepaid cards–or digital wallets–through which they can pay bills or send money directly to family and friends.

Providing hands-on peer training on digital financial services, financial planning and management, and how to discuss finances with family members can help make workers feel comfortable and confident transacting digitally.

By partnering with companies that use labour-intensive supply chains, including garment manufacturing, Mastercard is creating digital solutions and delivering training support to give workers more control and transparency over their earnings and savings.

Fibre2Fashion News Desk (DS)

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January 2022

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