How does Employee Benefits Work (Salary Advance, Earned Salary, Flexi, Maxi)

Salary advance: It is a short-term loan that provides quick cash, allowing you to access 50% of your salary before payday and repay it from your next salary within one month at an interest rate of 4% per annum. You must have been paid salary once before you can access this benefit.
Earned Wage Access(EWA): It is a benefit that allows you to access a portion of your wages (Usually 70% of your earned income) before your regular payday. It is designed to help you manage short-term financial needs more effectively by giving you earlier access to money you have already earned. You must have been paid salary once before you can access this benefit.
Flexi Loan: It is a 5-month tenor of up to ₦3M at 3% monthly interest + 1% management fee; requires that you must have been paid 3 salary payments before been activated, 33% Debit to income ratio, and insurance fee.
Maxi Loan: It is a 6–12 month loan of up to ₦5M at 3% monthly interest + 1% management fee; requires 4 salary payments before been activated, 40% Debit to income ratio, and includes death/job loss insurance.

There are different benefit options on the employee benefits page on ESS and they are explained as seen below;