Chinabank has introduced Earned Wage Access Plus (EWAP).
This is a new service that allows eligible employees of selected Chinabank payroll partner companies to access part of their earned salary before payday.
To clarify, EWAP is not a loan. Instead, employees can withdraw a portion of the salary they have already earned. The amount withdrawn will be automatically deducted from their next payroll.
Employees can withdraw from PHP1,000 up to 50% of their earned salary, with a maximum of PHP30,000 per payroll period, depending on the company’s approved limit.
Multiple withdrawals are also allowed within the same payroll period.
There is no interest, but each withdrawal has a processing fee of 2% of the withdrawn amount or PHP150, whichever is higher. The fee is deducted before the money is credited to the employee’s Chinabank payroll account.
The service is available only to employees of eligible Chinabank payroll partner companies who are enrolled by their employer.
Employees can use EWAP until two banking days before their scheduled payday. If there is not enough salary to cover the withdrawn amount on payday, the remaining balance must still be paid, and access to the service may be suspended until it is settled.
The service is available through the Paywatch app for Android and iOS.
ManilaShaker is a tech media producing insightful and helpful content for our local and growing international audience. Our goal is to create a premier Philippine digital consumer electronics resource that provides the most objective reviews and comparisons globally.
