Jan 3, 2022, 2:56 PM
(from Society of Human Resources Management) Organizations looking to attract talent during a time of unusually high turnover and a labor-friendly market may want to consider repaying employees' student loans as a benefit. The percentage of employers offering student loan repayment assistance doubled to 8% in 2020, according to the Society for Human Resource Management's annual employee benefits survey, but it remains an uncommon benefit despite its popularity among younger employees. President Joe Biden recently extended the end of the moratorium on student loan repayments to May 1, 2022, but after that younger employees could be looking for assistance. As part of pandemic relief, employers can provide up to $5,250 in student loan repayment benefits tax-free through 2025. Many employers that had been waiting and evaluating a loan repayment benefit have now moved forward and begun offering it, or are ready to do so, because of its tax-free status.
Listen to the latest episode of the Net Assets podcast.
