A new scheme to help council staff to save and borrow with the MK Credit Union has been approved.
The plans were passed at Milton Keynes Council’s full council meeting on Wednesday, September 12.
Staff can save through automatic deductions from wages which makes it easier to put money aside. They can also access affordable small loans
Members discussed a motion at the council meeting which called for other employers across the Borough to follow their example and help their employees to save and borrow.
Cabinet Member for Communities, Councillor Peter Geary, said: “We are really pleased to offer the opportunity to our staff to save with the MK Credit Union. We know that saving is not always easy and we know that sometimes families need to borrow but that accessing affordable loans can be a challenge.
“This new scheme provides an alternative to loan sharks and payday loans which charge extortionate interest rates.”
Councillor Peter Marland, who seconded the motion, added: “I’m pleased to have joined the MK Credit Union today. Credit Unions are based around the local community and are a real alternative to discredited banks.
“Any company in MK can work with the local credit union to set up a payroll scheme to help their staff to save and borrow, and I encourage businesses to contact the MK Credit Union.”
The MK Credit Union is a not-for-profit financial cooperative and all funds are reinvested into the local community. For more information see www.mkcreditunion.org.uk