Staples will help workers in repaying educational loans

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Written By Mani Karthik

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Many companies help their employees in building their career by financing for the higher education. Staples has introduced a new perk of helping their workers in paying off the student loans. The eligible employees will be given $100 per month for three years which sums up to $3600. This perk will be given to those employees who are “top performers” throughout the company and have been nominated by leadership. Perk is also applicable to new hires of business – to – business sales team. The workers can pay off the college fee which they have already completed or currently enrolled to.

Currently, this plan is limited to few of the top performers only whereas in the future this plan will be offered to additional groups as well.

Staples use this plan as a recruitment tool and a retention plan in attracting  and retaining the best crowd in the market. It is really tough to retain the dedicated young workers in today’s world. Also, many of the students who pass out of grad school leave the school with a debt. So adding $100 to their income which is specially dedicated to repay the student loan is a great step forward.

Staples have not yet released the number of workers who are eligible for this plan but there is a report that 1,000 people will be soon added to the new sales team.

Some of the other companies who are already offering student loan repayment program are Aetna, PricewaterhouseCoopers and Fidelity.

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