Tyson Foods Switches to ‘ePay’ Payroll
SPRINGDALE, Ark. – October 10, 2011 – Tyson Foods (NYSE: TSN) is in the process of eliminating paper payroll checks for its U.S. team members. The company is rolling out an electronic payment or “ePay Choice” program that is anticipated to benefit employees and the company due to its speed, convenience and safety.
For the past several months Tyson has been encouraging its team members to sign up for direct deposit, which enables the company to electronically transfer employees’ earnings to their individual bank accounts. More than one-third of Tyson employees already use this method.
“The e-Pay method is more convenient for our team members, since they don’t have to wait for a paper check and then have to physically take it to a bank or to a local business that cashes payroll checks, much of the time for a fee,” said Mark Hayre, director of payroll accounting for Tyson. “It also saves the company money by reducing printing and related payroll check security expenses. In addition, it helps the company and plant communities avoid the problems associated with potential fraudulent payroll checks.”
Tyson employees who decline direct deposit will receive their earnings on a “pay card,” which is similar to a debit card. VISA will be the payment network used for the card, which means Tyson team members will be able to use them wherever VISA debit cards are accepted. At thousands of merchants nationwide, Tyson team members can get cash back with their purchase at no charge, using PIN-based VISA transactions. The Allpoint ATM Network allows free unlimited uses with this card. Additionally, any VISA member bank will process an over-the-counter withdrawal down to the penny of their check with no charge, as part of their VISA agreement. This will give Tyson team members many new free choices to access and use the money they earned, without incurring a fee.
Tyson successfully piloted the ePay system at three plant locations and the company’s Springdale headquarters this past spring, and has rolled out the program to the rest of the company. Now in the final phase, about one-third of Tyson’s U.S. operations are being transitioned.
While there may be some special circumstances when a paper payroll check is required, it is expected that virtually all of the company’s U.S. operations will be on the ePay system by the end of October.
About Tyson Foods
Tyson Foods, Inc. (NYSE:TSN - News), founded in 1935 with headquarters in Springdale, Arkansas, is one of the world's largest processors and marketers of chicken, beef and pork, the second-largest food production company in the Fortune 500 and a member of the S&P 500. The company produces a wide variety of protein-based and prepared food products and is the recognized market leader in the retail and foodservice markets it serves. Tyson provides products and services to customers throughout the United States and more than 90 countries. The company has approximately 115,000 Team Members employed at more than 400 facilities and offices in the United States and around the world. Through its Core Values, Code of Conduct and Team Member Bill of Rights, Tyson strives to operate with integrity and trust and is committed to creating value for its shareholders, customers and Team Members. The company also strives to be faith-friendly, provide a safe work environment and serve as stewards of the animals, land and environment entrusted to it.
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Worth Sparkman, Tyson Foods, 479-290-6358, email@example.com