With an increase in divorce filings in the first quarter, SupportPay is offering its first kind
temporary free employee pension scheme to support and bridge gaps in supply for single and divorced working parents.
NEW YORK, February 1, 2023 /PRNewswire/ — SupportPaythe only co-parenting fintech solution with an employee benefits program, today announces that its benefit program is available free of charge to help working parents before, during and after divorce. In between February 1st to 28th, working parents, HR managers and benefit professionals can sign up to get three months of access to SupportPay’s solution. The trusted payment platform helps working parents manage child support and/or alimony payments, track joint child expenses, coordinate child custody plans, and streamline communication between parents through the web and mobile app.
Studies by law firms show that divorce rates can increase by a third after the holiday season, which explains why January is often referred to as “divorce month”. However, SupportPay coined the term “divorce quarter” because divorce filings peak in the first quarter of the year. In fact, a study of University of Washingtonanalyzed the divorce petitions Washingtonnoted that they peaked in March.
To support working parents who may be struggling after a divorce or separation, SupportPay is offering its unique and innovative benefits program free for three months. Out of discomfort, the stigmatization of single parents and a lack of offers, employees often remain silent about this necessary support from their employer. Demand for single parent benefits is much higher than commonly believed and SupportPay is helping to fill that gap.
“I’m still amazed at the number of single, divorced, and co-parents that are often overlooked in today’s competitive advantage ecosystem,” he said Sheri Atwood, Founder and CEO of SupportPay. “That’s why we’re extending our unique first quarter benefit to businesses and their employees at no cost, leading to improved financial wellbeing and mental health for employees while generating a clear return on investment for employers. By launching an initiative that supports working parents, companies are committing to a larger initiative that will ensure everyone is supported and thriving in today’s workplace.”
A opinion poll by Good Housekeeping in partnership with SupportPay found that divorce has a major impact on employees and impacts the entire organization as well. Employees going through a divorce experience more than a year’s lost productivity (81%), more absenteeism (73%), and a decline in health and financial well-being (67%). In addition, the survey found that 70% of the workforce will be affected by a divorce at some point. SupportPay’s innovative solution is specifically designed to reduce the financial stress associated with divorce and separation while increasing productivity, reducing attrition and facilitating the process towards healthy co-parenting.
SupportPay’s very first benefits program has been successfully launched Aug 2022and companies like Hearst Corporation and several other Fortune 500 companies have partnered with SupportPay to provide employees and their co-parents access to the platform.
To register, please visit https://supportpay.com/benefit-program-offer.
above $900 billion is exchanged every year between parents who raise their children together but live separately. SupportPay is the first and only co-parenting app to automate and manage child support, expenses, custody and communications. In addition to its online, iOS, and Android app, SupportPay offers its platform as an employee benefit, working with companies to provide access to employees affected during and after a divorce. SupportPay is a HearstLab portfolio company whose mission is to bridge the gap in venture capital funding for women. They also participate in the Morgan Stanley Multicultural Innovation Lab Accelerator, an accelerator program that invests in young, high-growth companies led by women and multicultural entrepreneurs. SupportPay is a subsidiary of Smart Family Tech, Inc., a software company focused on providing solutions that make family life easier. The holding company also includes the co-parent planning and communication platform WeParent, which was acquired November 2021 and is part of the employee benefit plan. For more information about SupportPay, see www.supportpay.com.
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