Student debt is a $1.48 trillion burden that financially hobbles millions of Americans, especially young ones, as they try to save for retirement and make major purchases likes homes or cars. But a nascent movement is underway in some corners of Corporate America to help workers carrying that burden. For instance, Abbott Laboratories plans next month to join this small group of employers that offer workers assistance with student loan repayment. With a program dubbed "Freedom 2 Save," the pharmaceutical giant will provide employees help with paying down their student loans, if they prove that they're contributing 2 percent of their eligible pay to their student debt via payroll deductions. In return, Chicago-based Abbott will contribute the equivalent of 5 percent into a 401 (k) plan. Program participants will receive a match without being required to make contributions, enabling them to use more of their earnings to pay off their student debt "Over the last several years, … [Read more...] about Helping employees repay student debt: A new perk?
Help with small business debt
By Ann Carrns Published 12:04 pm PDT, Thursday, July 5, 2018 Photo: Minh Uong / New York Times Image 1of/1 CaptionClose Image 1 of 1 As educational debt continues to mushroom, companies are starting to offer student loan payment benefits, in part to attract and keep workers in a strong economy. Americans collectively owe more than $1.5 trillion in student loans. less As educational debt continues to mushroom, companies are starting to offer student loan payment benefits, in part to attract and keep workers in a strong economy. Americans collectively owe more than $1.5 ... more Photo: Minh Uong / New York Times To draw workers, employers offer to help with student loans 1 / 1 Back to Gallery As educational debt continues to mushroom, younger workers often have to choose between paying off their student loans … [Read more...] about To draw workers, employers offer to help with student loans
Sarah Skidmore Sell, Ap Personal Finance Writer Updated 8:00 am, Tuesday, May 15, 2018 Photo: Charles Rex Arbogast, AP Image 1of/1 CaptionClose Image 1 of 1 FILE - In this April 6, 2018, file photo, Federal Reserve Chairman Jerome Powell speaks before the Economic Club of Chicago in Chicago. It’s a good news-bad news situation for small businesses when interest rates rise. The Federal Reserve says that the economy is doing well, so it has raised its key rates recently and is expected to do so again in the near future. The strong economy is great for most businesses, but higher rates will likely increase what it costs for them to borrow. less FILE - In this April 6, 2018, file photo, Federal Reserve Chairman Jerome Powell speaks before the Economic Club of Chicago in Chicago. It’s a good news-bad news situation for small businesses when interest ... more … [Read more...] about How small businesses can navigate rising interest rates
Jamie Marroquin is about to finish her sophomore year at Florida International University in Miami. She spent past summers taking classes and volunteering at a camp for Paralympians. Now the 20-year-old economics major is looking for an internship. So far, she's applied to about 40. "I didn't think it would be this hard," she said. Marroquin recently received two offers, one from a company in Orlando and another in New York. The problem is both require relocation, but don't pay enough for her to be able to afford it. So she's still looking. "It is hard to find an ideal internship when the majority are unpaid, and not local," said Marroquin. Situations like Marroquin's could become much more common, after the Labor Department quietly loosened rules permitting unpaid internships. As of January, if an intern is deemed to benefit from an internship more than the employer, the intern doesn't have to be paid. "That's crazy because it's completely arbitrary," said Liz Wessel, CEO of WayUp, … [Read more...] about It’s now easier for businesses not to pay interns, so one company started a shaming campaign
When Liberty Tax's CEO and founder John T. Hewitt was fired in 2017, it was in part because the company's board charged there was an "inappropriate tone at the top."Some 9 months later, critics say the firm's leadership still has problems.Because of a quirk in his stock ownership, Hewitt is chairman of the board for Liberty Tax, and at least one board member who has tendered his resignation says Hewitt's hand-picked executives are not qualified to run the company. The board member didn't elaborate but in the case of Shaun York, the company's new chief operating officer, there's a short history in business, a personal bankruptcy, civil lawsuits and an entrenched debt to the company he now helps lead.York had been a franchisee for Liberty Tax since 2003 before buying the territory of a Florida "area developer" – a role that involves recruiting and maintaining franchises while sharing in their earnings – in January 2015. That area developer is now the target of a Justice … [Read more...] about New executive leading Liberty Tax has bankruptcy, business lawsuits, in past