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What is the Retirement Savings Contributions Credit or the Saver’s Credit? The Retirement Savings Contributions Credit also known as the Saver’s Credit offers a benefit for low-to-moderate-income taxpayers making eligible retirement contributions, functioning as a nonrefundable credit to lower owed taxes potentially to zero.  The Saver’s Credit offers a financial incentive for individuals contributing up …

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This year, it’s essential for employers to focus on refining their benefits packages to meet the unique challenges faced by their workforce. Many employers have already recognized the importance of enhancing their strategies for retention and engagement, and this remains a critical priority. Developing comprehensive and responsive benefits plans is key to addressing the evolving …

Continue reading “Employee Benefits Trends for 2024”

Amid the challenges posed by the pandemic, inflation, economic downturn, and increasing debt, the financial well-being of employees appears to be facing considerable strain. Given these pressures, some individuals are taking a closer assessment of their expectations from employers. While higher compensation is desired, the emphasis is now shifting toward the degree of flexibility in …

Continue reading “Lifestyle Spending Accounts & Emergency Saving Accounts. Unveiling the Differences”

The total student loan debt in 2023, including federal and private loans, has reached $1.75 trillion, with an average of $28,950 per borrower. United States student loan borrowers collectively owe a massive $1.78 trillion in federal and private student loans as of March 2023, as reported in the Federal Reserve’s most recent quarterly figures. During …

Continue reading “Student Loan Assistance Programs. Improving Employee Financial Well-Being”

Encouraging employees to take time off from work can have a positive impact on both their physical health and mental health, while also being advantageous for the business. When employees return to work after taking a break, they are likely to feel more refreshed and motivated, leading to increased creativity and productivity. Furthermore, adopting such …

Continue reading “Unlimited PTO vs Floating Days: A Complete Guide”

Recently, President Biden declared that the COVID-19 Public Health Emergency and which has been in effect since March 2020, will come to an end on May 11, 2023. The related National Emergency ended on April 10, after a bipartisan congressional resolution was signed to bring it to a close after three years — weeks before …

Continue reading “What does the end of the Covid-19 Public Health Emergency mean for employers?”

In 2022, employers made changes to their health benefits in response to the COVID-19 pandemic. Two of the more common responses were to increase employer contributions to health insurance and add more telemedicine options to benefits packages. At the beginning of the year, the quality of an employer’s health plan was important to prospective and …

Continue reading “Employee Benefits Trends for 2023”

The U.S. Department of Labor recently proposed a rule that clarifies how businesses of all sizes ought to classify workers. Whether a worker is treated as an employee or an independent contractor will have an outsized impact on the worker and also the business. Here’s what we all know up to now concerning the worker …

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The Great Resignation of 2021 has left employers with the need to fill 10 million job openings and introduce new benefits for flexible employee schedules. Healthcare, accounting, and technology firms are reviewing their benefits strategy to attract and keep employees in a pandemic that has made many workers reimagine their careers. Flexible work hours, paid …

Continue reading “Employee Benefits Trends for 2022”

Last year, the pandemic and its aftershocks rocked recruiters and acquisition teams. Lockdowns and caseload resurgence have prevented companies from functioning optimally.