Cost of Continuing Education
For recent college graduates, education benefits are hugely appealing. She usually sees employers offering to pay a portion of college tuition for employees who choose to return to school. Some even go a step further and provide educational sabbaticals. It usually does not apply to courses you took when you started employment. It’s one of the benefits that will become available a little later if you’ve been with the organization for a few months or a year.
Student Loan Payment Programs
Another benefit currently on the rise is that employers are helping to relieve their employees’ student debt. And it makes incredible sense, given that the most recent data indicates a whopping $1.71 trillion in U.S. student loans right now, affecting about 44.7 million Americans, according to Student Loan Hero.
“Employer contribution programs have become increasingly popular in recent years,” says Anastasio. “Because student debt is still a burden, companies are looking for ways to differentiate themselves and help their users manage those debts, which can be crippling.”
Financial Wellness Programs
One of the newer benefits employers offer is that financial wellness programs benefit employees in the same way as providing a discounted gym membership.
“It keeps employee satisfaction high and also helps the company to remain competitive as an employer,” she adds. “By helping to reduce the stress associated with financial hardship, employers also benefit from increased happiness and productivity among their workforces.”
An outside group of professional engineers usually provides these programs; you can also typically allow them as part of your 401k plan manager program.
Family Offer
Is a baby on the way? Check company rules to see if they offer paternity leave. Some companies, for example, Microsoft, will give you six months off and $20K for the first year of childcare. Also, check if your employer suggests concierge services when you have a new baby who can care for tasks such as laundry to lunch delivery.
“Organizations are shifting their fringe benefits and benefits to attract and attract younger staff,” says Anastasio. She’s also seen a growing trend in pet insurance packages and monthly grants, up to $28 a month to keep your pet healthy and happy, so check that out, too.
Versatile Checking Account
FSAs take pre-tax money from your income and put it aside for out-of-pocket expenditures like daycare, medical services, or transportation.
“During open enrollment, you decide what you want with your election and can deposit up to $5,000 into that account,” says NerdWallet personal finance expert Kimberly Palmer. “If you have a 38% tax rate, you save 40% on those costs.”
Some employees skip this offer because they are unclear about their tax benefits. But if you’re willing to keep track of your receipts for the year, Palmer said it could add up to hundreds of savings.
Choosing the Right Insurance Choosing
Whether you choose health insurance or opt for supplemental life or disability coverage, Anastasio says that your employer’s group coverage can provide significant savings.
“By picking the right type of health insurance, you can save money all year round through lower premiums, lower co-payments, or even employer contributions to an FSA or HSA,” she explains.
Supplemental life insurance and disability coverage provided by your employer can also help you save money by reducing the need to obtain this type of coverage at a higher rate elsewhere.
“It’s not uncommon to find that supplemental coverage through your employer is cheaper than what you’d find alone as an individual,” says Anastasio.
Commuting Benefits
This employer benefit may have declined in popularity during the pandemic. Still, as we return to offices, it’s worth bearing in mind that you may be able to save on public transportation, bundled rides, or parking costs, Anastasio says.
“Many employers offer you the option of applying for a commuter benefit, which allows you to pay for these related costs before taxes,” she says, noting that companies known for this benefit, including Google, Facebook, SoFi, and JPMorgan Chase.
Some employers now offer employees transportation to work or credit for vehicles, such as paying for Uber fares up to a certain threshold, adds Anna Barker, personal finance expert and founder of Logical Dollar.
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