Workers Short Changed On Company Expenses
Interest fees charged on late credit card payments are being picked up by employees because of late reimbursement of work expenses.
According to a survey of 1,294 people by Australia's leading online career building and networking site, Linkme.com.au, one in five people have been charged credit card interest fees because their employer failed to repay their work expenses on time. Eighty six percent of these people did not have the interest amount repaid by their employer at all.
Campbell Sallabank, CEO, Linkme.com.au said: "Most workers don't keep extra cash aside to cover work expenses, let alone additional interest charged. Strict financial procedures should be in place in order to ensure that workers aren't left short changed."
More than one in two workers spend money out of their own pocket for business related expenses. One in three people have not been reimbursed by their employer.
"Employers need to consider options such as petty cash or company credit cards, particularly when staff are clearly spending a significant or frequent amount of money for work.
"Only 11.5% of employees Linkme.com.au surveyed have a company credit card, 41% use their personal plastic for company expenses while the remaining 47% spend their own cash.
Of those that use their own credit card, 42% complain of slow reimbursement.
"Most people are happy to spend their own money for work purposes. However if repayment is slow, staff are going to be reluctant to fork out on any work occasion, regardless of the urgency".
