HR Tip of the Week: Student Loan Repayment a Timely Benefit
The COVID-19 pandemic is deterring millions of Americans from taking time off. At the same time, many employees are experiencing the stress that comes with job instability and the ability to service debts and living expenses during an economic downturn. All these factors are leading some employers to get creative with employee benefits, including allowing employees to convert unused time off into loan-repayment funds or cash that can be used for other pressing needs.
Could this be a beneficial offering for your company and workforce? To be sure, consider the demographics of your workforce and consult with your financial advisors to understand legal and tax implications of providing this benefit.
Source: SHRM