As seen in the Washington Post, the Treasury Department recently announced that most government benefits will be paid by direct deposit by 2013 to help cut costs. Most of these savings will come from the benefits sent out by the Social Security Administration, Department of Veterans Affairs, Railroad Retirement Board and Office of Personnel Management.
This will eliminate around 136 million paper checks and help save money on both paper and postage costs. This will save the government about $48 million dollars in postage costs. Best of all, this policy change will save taxpayers $303 million dollars in the first five years.
By making this switch to new technology, the government is allowing the payments to be delivered in a safe, convenient and secure method. Electronic transfers such as these ensure that payments will be received when people are affected by a natural disaster. These government achieved benefits are those that an employer may achieve by instituting a pay card program. The roll out of a program such as rapid! PayCard will save an employer time and money, improve efficiency, business continuity and disaster recovery and help save the environment as well. Go to rapidpaycard.com to use our cost savings calculator and see how much your company may save!
Go to SUSTAINABILITY AND ePAYROLL SAVINGS CALCULATOR
