What is wage slavery and how not to fall into it
Miscellaneous / / December 07, 2021
What is wage slavery
If your employer forces you to open an account with a single bank, he is condemning you to wage slavery. The point here is not at all forced free labor, but in the inconvenient conditions for receiving salaries and high commissions that fall on your shoulders.
But there is good news: amendments to the Labor Code to abolish wage slavery entered into force back in 2014. From this moment, all employees have the right to require the employer to transfer the salary to the bank that suits them. You can open a new account and ask the employer to transfer money to it at any time and as many times as you like.
How not to become a hostage to wage slavery
1. Make a checklist
Almost every bank offers products and accounts that are suitable for transferring salaries. To objectively assess the benefits of each of them, pay attention to the following points:
- Monthly service cost.
- Cash withdrawal fee.
- Commission for transfers from card to card and by phone number.
- Cashback conditions.
- The convenience of the mobile application and its rating in the official App Store or Google Play.
- Availability of ATMs in your area, the ability to use ATMs of other banks without additional fees
- Difficulty issuing or re-issuing a card.
WITHsalary multicard VTB you can withdraw cash for free at any ATM around the world and transfer up to 100 thousand rubles by phone number without commissions. The bank provides 1.5% cashback for all purchases with bonuses, miles or bonus rubles under the “Multibonus” loyalty program and an increased up to 20% cashback from partners. Also, there are special offers for salary clients, for example, reduced mortgage and loan rates.
View conditions
2. Compare salary projects in different banks
Armed with a checklist, write a comparison chart in your head, on paper or on a computer. Specify the names of banks in the columns, and checklist items in the rows.
You can also write down special conditions and additional benefits that a particular bank offers. Think about how important they are and whether they are a real plus for you.
For example, if you do not have a car, then you are unlikely to take advantage of a discount on purchases at a certain network of gas stations. And if you are planning to take out a mortgage, then a reduced interest on a loan for salary clients will be very useful.
3. Choose the project that is most convenient for you
You can mark in the table for each bank the points that are of value to you. You can stop the choice on the bank with the maximum number of such points.
Another strategy is more complicated, but more objective. Rate the points that you need and are useful to 3 points. Those that are needed, but not critical, let them receive 2 points, and those that are pleasant, but not decisive in their choice - 1 point each. Finally, rate items that you consider disadvantages (high commissions, inconvenient application) at -1 point.
Add up these points and select the bank that will receive the highest rating. It is possible that he does not have the highest cashback or only one ATM in your area, but he does not. commissions for transfers and cash withdrawals - and therefore, in general, it will be more profitable to receive a salary specifically here.
4. Apply
To abolish wage slavery, you need to inform the employer in writing of the new details for the transfer of wages. This must be done no later than five working days before the day of payment of the salary. After that, you can safely wait for the notification of the account replenishment in the new bank.
To order salary multicard VTB you can online - all you need to do is fill out a form on the bank's website. The card is issued free of charge, you will not have to pay for the service. You can change the VTB multicard options on a monthly basis - this will help you adapt it to your needs. Additionally, activate your digital card at any time to conveniently and safely pay for goods and services from your smartphone.
Abolish wage slavery