Employee Benefit News
The pause on student loan repayment has been extended once again. This time through August 31st, but many employees are still struggling to manage their finances and are looking to their employers for support. In fact, 57% of employees believe their employer plays a role in helping them pay off their student debt and 85% of employees with student debt would be enticed to leave their job for an employer that offered better financial benefits. Financial support from employers can come in many forms, but some include a student loan matching program, which is similar to that of 401(k) matching, tax-free employer student loan assistance through the CARES Act, or an employer-sponsored 529 plan, which is a specialized, tax-advantaged investment account designed for education expenses. So, with multiple options, how will employers boost their financial benefits offerings to better support their workforce?
