Some experts anticipate more employers will add their own programs to help hire and hold on to a younger generation of workers that is more bogged down with debt than its predecessors and increasingly cites loan repayment assistance as a benefit they need to have.“The burden of student loan debt has become salient and exhausting,” said Julia Pollak, a labour economist at ZipRecruiter. “It’s crushing … there is huge demand for student loan assistance.
Fidelity developed the program after a number of employees — who were well-versed in budgeting and planning for financial goals — told CEO Abigail Johnson that they were having trouble doing the same in their own lives in large part because of student debt. Estée Lauder Cos. offers its U.S. employees who have been at the company at least a year $100 a month toward their student loans, up to $10,000 total. It launched the program in 2017 and nearly 1,000 people have signed up; about 80 per cent are millennials, according to the beauty products company.
“ are looking at alleviating stress, to shave that strain out of daily life so they can be more happy and engaged citizens of your workforce,” says Asha Srikantiah, head of Fidelity’s student debt program. “It’s an easy win,” said Stephen Kapusta, vice-president of channel strategy at ADP, a human resource services company.
Under the program, participants must show that they are paying 2 per cent of their salary toward student debt repayment and, in exchange, Abbot contributes 5 per cent to their 401 without requiring the employee to contribute anything.
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