What would happen to our economy if businesses would pay employees daily for the tasks they complete? Deuteronomy 24:15 says "You shall give him his wages on the same day, before the sun sets (for he is poor and counts on it), lest he cry against you to the LORD, and you be guilty of sin." People, especially the poor, relay on earnings of the day to provide for a family. In this modern age of banks and electronic money transfers, I can tell you it's almost impossible to obey this concept. The reason is because of the means of how our banks transfer money. You could wire the funds between accounts, but that is costly. In many states it's illegal to pay a worker in cash, requiring them to take a check to the bank and deposit it into an account and wait the period of time it takes for the check to clear.
With modern banking this could be a logistical nightmare if you pay with checks but with digital means of payment this could now actually be a reality. So why would paying employees daily make more sense for my business, and for the economy in general. First, if my employee has money they need, they won't take out a short term or "pay day" loan. This kind of lone though legal are predatory and tend charge large amounts of interest for modest amounts of money. Lower salary employees would receive immediate reward for work. Incentives for labor include working each day. Missing a day has tangible meaning, but also working daily gives long term success to savings. Also paying daily increases velocity and in effective allows that money to do more work as an agent of trade and investment. An employer who pays daily should see a higher level of employee satisfaction.
How could a business operate with this principal? An affordable and easy way to do this would be to use a cryptocurrency, such as Bit Coin, Lite Coin, or Etherium giving the employee the ability to have instant transfer of assets, at a low cost. The Employee could keep the wages paid in that form of currency, or transfer it into local currency for minimal costs and intimidate use.
The problem is a business would need enough reserves to cover payroll each day. Since time to market might be weeks or months on products, those are the costs that are generally carried on the back of the employees. If a business fails, the employees are usually the ones to loose out on pay.
As a Biblical principle I can see this as important not just for the people who work for me, but also the local community as a whole. When my employee has the money to buy food, goods, and stuff from another immediately, They can also share that currency, longer and further than waiting.
These are my opinions, please let me know what you think in the comments.
