2020 - Page 7 of 12 - Best Money Moves

Who Qualifies for Paid Leave Under the New Coronavirus Law?

by LizStevens | May 20, 2020 | Blog

Who qualifies for paid leave under the new coronavirus law? How to determine employee eligibility for paid sick leave under the Families First Coronavirus Response Act.

The U.S. Department of Labor released information on eligibility for new workplace protections offered by the Families First Coronavirus Response Act (FFCRA).

The emergency paid leave program established by the FFCRA helps employees who don’t have paid leave benefits through their employer. Nearly 80 percent of employees live paycheck to paycheck and over 30 percent couldn’t come up with $3,000 if an unexpected expense arose in the next month. Now, employees showing symptoms of the coronavirus will be able to take the time off they need to recover without worrying about being unable to support their families.

Employees who work at a private employer with fewer than 500 employees might be eligible for paid sick leave and/or paid family leave under the FFCRA due to COVID-19 if they meet certain requirements.

Who Qualifies for Paid Leave Under the New Coronavirus Law?

The Department of Labor notes that paid sick leave and/or paid family leave under the FFCRA is capped at specific maximum amounts per worker and that while it applies to some, paid family leave does not apply to all public sectors.

Who Qualifies for Paid Sick Leave Under the FFCRA?

Employees qualify for paid sick leave for up to two weeks or 80 hours at the employee’s regular rate or the minimum wage (whichever is higher) if one of the following conditions apply:

If the employee is under a government quarantine or stay-at-home order.
If the employee has been advised by a health care provider to self-quarantine.
If the employee is seeking a diagnosis for COVID-19 symptoms.

Employees qualify for paid sick leave up to two weeks or 80 hours at 2/3 of the employee’s regular rate or the minimum wage (whichever is higher) if one of the following conditions apply:

If the employee is caring for somebody under quarantine or a stay-at-home order.
If the employee is caring for their child whose school or child care provider is unavailable due to COVID-19.

Who Qualifies for Paid Family Leave Under the FFCRA?

Employees qualify for paid family leave up to 10 additional weeks at 2/3 of the employee’s regular rate if both of the following conditions apply:

If the employee is caring for their child whose school or child care provider is unavailable due to COVID-19; and
If the employee has been employed at least 30 calendar days.

How Can Eligible Employees Access Paid Leave Under the FFCRA?

Eligible workers can access paid leave under the FFCRA by checking with their employer, requesting the leave and letting their employer know which of the qualifying conditions applies.

The U.S. Department of Labor notes the Wage and Hour Division has already completed more than 400 cases for workers denied leave and has conducted hundreds of outreach events to educate workers and employers about the benefits and protections of this new law.

For more information about how much leave covered employees can take, resources for workers and employers, and answers to commonly asked questions check dol.gov/FFCRA.

Supporting Mental Health in the Workplace During COVID-19

by LizStevens | May 13, 2020 | Blog

Supporting mental health in the workplace. New research highlights how employees are struggling during the coronavirus pandemic and how employers can better support mental health.

May is Mental Health Awareness Month and the coronavirus pandemic has left almost everyone feeling anxious and stressed out about the future.

Nearly 1 in 4 feel employees report feeling down, depressed or hopeless often and over 40 percent feel burnt out, drained, or exhausted from their work, according to research by the Society for Human Resource Management (SHRM). Almost 40 percent of them haven’t done anything to cope with these feelings and only 7 percent have reached out to a mental health professional.

“It’s a timely reminder that there’s more to this crisis than new cases and economic costs,” said SHRM President and CEO, Johnny C. Taylor, Jr., SHRM-SCP. “COVID-19 is taking a toll on our minds and emotions in a million little ways. Now, more than ever, employers should double down against stigmas and guarantee employees know of the resources, benefits, and accommodations available.”

Supporting Mental Health in the Workplace During COVID-19

The first step to supporting employee mental health is acknowledging it directly. Harvard Business Review found it shocking that 40 percent of employers hadn’t asked employees how they’re doing since the pandemic began. They suspect it’s because employers want to respect the privacy of their employees, but 40 percent of employees want their manager to be the one to broach the subject of mental health.

Letting employees know you’re aware of the mental and emotional challenges they’re facing during the coronavirus pandemic starts to wear down the stigma that there’s something wrong with being depressed, anxious, or struggling with mental health. It’ll make them feel more supported and they’ll be more likely to reach out and ask for help if they’re having a hard time.

When an employee opens up about something they’re struggling with it’s important to listen before reacting. Then, remind them of the mental health resources your organization has available and follow up with them in the next few weeks to see how they’re doing.

Nearly 60 percent of employees struggling with mental health said their employer doesn’t offer mental health programs that meet their needs, or that the programs they do offer are too difficult to access or understand, according to a survey by MetLife.

Reassess your organization’s mental health benefits offerings, observe usage rates and if they’re low, determine if it’s an issue of benefits communications or if the benefits themselves don’t fit the needs of workers. But first, if you haven’t already, ask your employees how they’re doing as the coronavirus pandemic continues.

Support Workers with Better Employee Benefits in 2020

by LizStevens | May 6, 2020 | Blog

Support workers with better employee benefits in 2020. Targeting the four key aspects of employee wellness to build a better employee benefits package.

There are four key aspects to overall wellness: mental, physical, financial and social. Employees who score well across the board are more likely to be loyal, engaged and productive, according to the latest employee benefits research by MetLife.

“Now more than ever, it’s critical to understand employees’ needs,” said, Todd Katz executive vice president, Group Benefits, MetLife. “In this time of crisis and beyond, providing a mix of benefits and programs can help mitigate stress, improve employees’ holistic well-being and support them when they need it most – which in turn can help bolster engagement and loyalty from the workforce.”

Support Workers with Better Employee Benefits in 2020

The coronavirus pandemic continues to reshape the working world challenging businesses everywhere to adapt to the new normal. Strategizing how employee benefits can better support workers in a time of crisis is a must.

This year, MetLife’s 18th annual U.S. Employee Benefits Trends Report considers how resilient employees are when faced with uncertainty and then looks at the important role employee benefits plays in the overall wellness of workers, identifying the perks and programs that matter most.

Financial Wellness Programs

More than half of U.S. employees told MetLife their biggest concern in the wake of the novel coronavirus is their financial health. According to a survey by Freedom Debt Relief:

41 percent of employees are worried about being able to afford to feed themselves and their families.
41 percent report are struggling to make their rent or mortgage payments.
37 percent will miss payments on some bills in the next six months.
35 percent will use credit cards to pay for groceries.

Over 60 percent of employees say the $1,200 pandemic relief check they received as a part of the CARES Act will not be enough to get through the current economy.

“The coronavirus is clearly contributing to employees’ overall stress, especially as it relates to their financial well-being,” said Katz. “It should come as no surprise that this is particularly true among those with incomes below $50,000, and those in healthcare. Across industries, employers have an opportunity to be a source of support for employees facing unprecedented challenges by offering tools and resources to address their immediate concerns.”

Nearly 80 percent of workers with access to financial wellness programs told MetLife they’re satisfied with the employee benefits their employer offers.

The best financial wellness programs, like Best Money Moves, are gamified and harness machine learning to guide employees to the resources they need most. If you want to learn more about how Best Money Moves can bring financial wellness to your company download our whitepapers and sign up for a demonstration here.

Mental Health Benefits

Close to 60 percent of employees struggling with mental health said their employer doesn’t offer mental health programs that meet their needs, or that the programs they do offer are too difficult to access or understand. Effective mental health programs can help ease stress, anxiety and depression that can fuel burnout and disengagement at work.

Flexibility

There was a trend towards flexible work arrangements long before the coronavirus pandemic began. Now, flexibility has shifted from being a highly sought after perk to a crucial necessity to maintain operations and accommodate workers.

Assigning reasonable workloads, offering flexible work hours or arrangements and providing sufficient time to address personal needs can mitigate stress, burnout and depression. At the same time, MetLife finds these practices are also top drivers of productivity, engagement and loyalty.

Over 80 percent of employees believe their employers have a responsibility to address their health and well-being. Employers can leverage the right mix of benefits, perks and programs to better support employees and in turn boost engagement, job satisfaction and retention.

COVID-19: Forbearance and Debt Repayment Relief

by ryanwangman | Apr 30, 2020 | Blog

COVID-19: forbearance and debt repayment Relief. If you’ve lost income due to the coronavirus pandemic there may be options to temporarily reduce or stop loan repayments.

Millions of people across America are now facing unexpected financial difficulties due to the Coronavirus/COVID-19 pandemic, and many are finding it hard to stay on top of their bills, such as rent, utilities, cell phone service and student loans.

In the five weeks since the pandemic shutdown reached its full height in mid-March, more than 26 million Americans have applied for unemployment benefits. That number accounts for the significant number of people experiencing temporary or permanent unemployment.

If you are one of the many who have lost their jobs, been furloughed or experienced a pay cut due to the COVID-19 pandemic, you have a variety of debt repayment options available to you through your lenders and creditors. One option may be forbearance (also known as deferred payments), which is an agreement with a lender or credit allowing the borrower to postpone or stop loan payments for an agreed-upon duration of time.

Are My Debts Eligible for Forbearance? What Does It Mean If They Are?

When most people use the term “forbearance,” it’s often linked to home mortgages, but any lending agreement you’ve entered into may be eligible for deferred or suspended payments.

The drastic and sudden economic impact of the COVID-19 pandemic has led many creditors and lenders to offer special repayment options on a multitude of debts. This includes mortgage payments, student loans, auto loans, credit card balances, utilities, property taxes and small business loans, though this list is not all-encompassing.

Your lenders and creditors may agree to allow decreased or delayed payments for a specific time period up to 12 months, depending on the deal you strike with them. They might also offer to reduce the interest rate you’re being charged on your debt, though there are no federal guidelines outlining detailed terms for forbearance agreements, so your options may differ.

If You Need Specific Info on Eligibility for Your Debts, Talk to Your Lender or Creditor

For forbearance agreements during the COVID-19 pandemic, each lender and creditor has created their own programs and rules. Eligibility for those programs depends on your particular lender or creditor. To learn more about setting up forbearance or about the other options available to you, including options outside of forbearance, contact your lender or creditor directly.

Importantly, you cannot simply miss a payment and expect to be off scot-free without communicating with your lender about your situation. Your credit standing could be compromised unless you work out a deal with your lender before stopping payment.

Forbearance may help you deal with your short-term financial difficulties and assist you in getting back on your feet, but it doesn’t come without its drawbacks. If you enter into a forbearance agreement, you’re not getting a gift or “free money. You may still need to repay interest that accrues during your approved deferral period, and late fees might still apply, depending on your agreement with your lender or creditor. Ask them directly if you have more questions on how and when any fees may be applied, and how they will report your forbearance agreement to the nationwide credit reporting agencies.

How Do Forbearance or Deferred Payments Work for Different Types of Debts?

If you’re currently facing financial hardship due to a layoff, furlough or pay cut, reach out to your lender or credit to learn more about their options for debt repayment programs and whether you’re eligible. The following details some of the special forbearance arrangements that have been prescribed by the Coronavirus Aid, Relief, and Economic Security (CARES) Act for different scenarios you may be facing now:

Mortgages

Fortunately for people who are struggling to keep up with mortgage payments, federal officials have announced a temporary nationwide halt to foreclosures and evictions for federally-backed mortgages. People who have suffered a loss of income due to the COVID-19 pandemic can qualify to reduce or suspend payments for up to 180 days, with specifics depending on their particular situation.

Borrowers whose mortgage loans are backed by Fannie Mae or Freddie Mac, which underpin the majority of loans in the United States, or by the U.S. Department of Veterans Affairs (VA), the Federal Housing Administration (FHA) or the USDA are eligible for help, including options for forbearance and delayed payments. You must contact your loan servicer to request this forbearance.

To combat ongoing misinformation, the Federal Housing Finance Agency reiterated at the end of April that borrowers in forbearance with a federally-backed mortgage are not required to repay the missed payments in one lump sum. Your mortgage servicer will contact you about 30-days before the end of the forbearance plan to see if the financial hardship has been resolved and discuss your repayment options.

You can search for your loan on the FannieMae.com and FreddieMac.com websites to determine whether one of them has purchased your loan from your original lender or call your mortgage servicer directly. In addition, Fannie Mae and Freddie Mac have halted foreclosures and evictions during the Coronavirus/COVID-19 pandemic, so visit their websites for regularly updated information on how to get relief.

If your loan is not federally backed, you will have to call your mortgage servicer to find out whether they offer any COVID-19 pandemic relief. Review your monthly statement or visit your mortgage servicer’s website for information on how to contact a customer service agent.

If you’re a homeowner who doesn’t know what company backs your mortgage, you can find more information about the federal foreclosure and eviction moratorium and related Coronavirus/COVID-19 actions on the U.S. Department of Housing and Urban Development website.

Student Loans

For most federally held student loans, payments and interest are automatically suspended through September 30, 2020, though that date may be extended with additional legislation. You do not need to take any action for this to take effect.

However, some student loans do not qualify for this benefit, including loans under the Federal Family Education Loan (FFEL) Program, private student loans that are owned by commercial lenders and some Perkins Loans that are held by the institution you attended. To request a forbearance agreement or delayed payments on these loans, contact your loan servicer.

(And remember: If you find yourself with additional cash and are able to continue making your payments, even though none are required for the time being, you’ll chip away at your debt and better position yourself for financial security after the COVID-19 pandemic is behind us.)

Auto Loans

A significant number of auto lenders are offering forbearance agreements or deferred payment plans during the pandemic. This includes options for existing customers as well as those looking to purchase a new vehicle. Contact your lender or automobile manufacturer to learn more about their specific deals.

Credit Cards

Every credit card company has different options and eligibility requirements for forbearance or payment deferrals on your credit card debt. Some may allow you to defer payments while interest continues to accrue over a set period of time, while others may offer to reduce your interest rate or principal payments temporarily. Go to your credit card issuer’s website to learn what options are available and what you have to do to get help. Even if your credit card company isn’t offering a plan that works for you today, it might add new options in the near future, so check back frequently for updates.

Utilities and Property Taxes

Many cities and states across America are offering relief options for utility bills and property taxes to those impacted by the COVID-19 pandemic. This may include forbearance or deferred payments. Call your local municipality or utility provider for details.

Small Business Loans

The federal government has committed a significant amount of disaster relief money to small business owners who have been impacted by the COVID-19 pandemic. The original CARES Act included a provision called the Paycheck Protection Program, which provided small business loans that are fully forgivable in many circumstances, making the money similar to a grant. Businesses have to apply for the loan, which was designed to cover about two months of payroll expenses. Although the initial tranche of money has run out, Congress recently passed another bill with hundreds of billions of dollars in additional funding for small business loans.

If you are a struggling business owner, the Paycheck Protection Program may give you an alternative to requesting forbearance or deferred payments, and buy you some time to get back on your feet. Read more about small business relief options at the U.S. Small Business Administration website.

This information may change as the COVID-19 pandemic evolves, and we’ll continue to provide up to date information as it does.

Returning to Work After COVID-19

by LizStevens | Apr 29, 2020 | Blog

Returning to work after COVID-19. Precautions employers should take to protect workers and limit the spread of the coronavirus at work.

Returning to work after the COVID-19 pandemic is going to be a challenge. Without a vaccine available, precautions to limit the spread of the coronavirus at work must be put in place.

Employers will have to systematically disinfect the workplace, adjust the space to allow for social distancing and create a process for responding to employees showing signs of illness in order to create a safe work environment.

Returning to Work After COVID-19

The CDC has released guidelines for employers to follow to limit the spread of the coronavirus in the workplace with three primary goals:

Reduce transmission between employees
Maintain healthy business operations
Maintain a healthy work environment

Reducing Transmission Between Employees

The Occupational Safety and Health Administration (OSHA) has released guidance on preparing workplaces for COVID-19 with information on how to protect workers from potential exposures. The CDC recommends employers also educate employees on how they can reduce the spread of COVID-19 by taking steps to protect themselves, learning what to do if they get sick and using effective disinfectants.

Maintaining Healthy Business Operations

These are the strategies the CDC recommends for maintaining healthy business operations during the COVID-19 pandemic:

Identify a workplace coordinator who will be responsible for COVID-19 issues.
Implement flexible sick leave and supportive policies and practices.
Assess essential functions.
Determine how the business will operate if absenteeism spikes.
Establish policies and practices for social distancing.

Maintaining a Healthy Work Environment

In order to maintain a healthy work environment after returning to work, the CDC suggests:

Improving the engineering controls using the building ventilation system to increase ventilation rates or increase the percentage of outdoor air that circulates into the system.
Support respiratory etiquette and hand hygiene for employees, customers and worksite visitors.
Perform routine environmental cleaning and disinfection.
Perform enhanced cleaning and disinfection after persons suspected or confirmed to have COVID-19 have been in the facility.
Take care when attending meetings and gatherings.

Read the CDC guidelines in full for more detailed information on how to implement these strategies in your workplace.

Who Qualifies for Paid Leave Under the New Coronavirus Law?

Who Qualifies for Paid Leave Under the New Coronavirus Law?

Who Qualifies for Paid Sick Leave Under the FFCRA?

Who Qualifies for Paid Family Leave Under the FFCRA?

How Can Eligible Employees Access Paid Leave Under the FFCRA?

More on Topics Related to Coronavirus Relief and Paid Leave Programs

Supporting Mental Health in the Workplace During COVID-19

Supporting Mental Health in the Workplace During COVID-19

More on Topics Related to Supporting Mental Health During COVID-19

Support Workers with Better Employee Benefits in 2020

Support Workers with Better Employee Benefits in 2020

Financial Wellness Programs

Mental Health Benefits

Flexibility

More on Topics Related to Support Workers with Better Employee Benefits in 2020

COVID-19: Forbearance and Debt Repayment Relief

Are My Debts Eligible for Forbearance? What Does It Mean If They Are?

If You Need Specific Info on Eligibility for Your Debts, Talk to Your Lender or Creditor

How Do Forbearance or Deferred Payments Work for Different Types of Debts?

Mortgages

Student Loans

Auto Loans

Credit Cards

Utilities and Property Taxes

Small Business Loans

More on Topics Related to COVID-19: Forbearance and Debt Repayment Relief

Returning to Work After COVID-19

Returning to Work After COVID-19

Reducing Transmission Between Employees

Maintaining Healthy Business Operations

Maintaining a Healthy Work Environment

More on Topics Related to Returning to Work After COVID-19

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