The student debt crisis is now at a startling $1.2 trillion, and it's crippling millennials, not to mention their parents and the economy. But one company plans to foot the bill and lower their employees' debt burden one paycheck at a time.
How? Well, once you've been at Natixis Global Asset Management for five years, the company will pay $5000 toward your student loan and an additional $1000 annually for up to five years.
Why? Senior Vice President of Retirement Tracey Flaherty had a "wake-up call" last year when she discovered an alarming one in three millennials couldn't contribute to their company-sponsored retirement fund because they were putting the money into their student debt instead.
“We as a company believe strongly in starting to save for retirement early," she told Fortune. "If you don’t save in your 20s through 40s, you’ll never catch up.”
And it seems Natixis is setting a new trend. PwC, which ranked No. 53 on Fortune's "100 Best Companies to Work For" list, announced it will start "contributing $1200 a year to its associates’ student loans," and software company Kronos said it will begin paying" $500 a year toward employees' student loans." Let's hope this hot new employee perk continues to catch on.
Head over to Fortune to read more about this new company bonus.
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What do you think of this new employee perk? Do you think companys should help lower student debt?