2020 - Page 7 of 11 - Best Money Moves

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.

Coronavirus 2020: Supporting Employees During COVID-19

by LizStevens | Apr 21, 2020 | Blog

Coronavirus 2020: supporting employees during COVID-19. Employees are stressed out, disengaged and it’s hard to maintain productivity amidst the coronavirus pandemic.

Employees are less engaged, less productive and less positive about their careers due to the COVID-19 pandemic, according to a survey by Eagle Hill Consulting.

More than 40 percent of workers are experiencing burnout, a term used to describe prolonged and intense stress, and over 35 percent of employees don’t think their organization is doing anything to help.

It’s up to employers to re-engage workers and reduce employee burnout, but it won’t be easy. According to the Society for Human Resource Management (SHRM), more than 60 percent of employers have had a difficult time maintaining employee morale during the coronavirus pandemic.

Coronavirus 2020: Supporting Employees During COVID-19 Pandemic

How to Tell If an Employee Is at Risk of Burnout

When evaluating employees for risk of burnout look for the most common symptoms:

Exhaustion
Frustration
Forgetfulness
Anxiety
Inability to keep up with daily tasks

Parents are particularly at risk of burnout during the coronavirus pandemic. Sixty percent of working mothers and fathers already experience burnout. School closings due to COVID-19 have many parents juggling roles as workers, teachers and caregivers all at the same time, heightening their risk of burning out.

What’s Causing Employee Burnout?

Workers responding to a survey by Eagle Hill Consulting said these are the things that are making them feel burnt out:

Workload
Lack of work-life balance
Lack of communication, feedback and support
Time pressures
Performance expectations

Flexibility is critical in a crisis. Monitor workloads, consider extensions and check-in on employees frequently to limit burnout and boost morale during the coronavirus pandemic.

How Employers Are Battling Burnout

These are the most common ways employers are managing burnout during the coronavirus pandemic according to Eagle Hill Consulting:

34 percent of organizations are increasing flexibility
26 percent are improving communication
20 percent are providing mental and physical wellness resources
19 percent are changing goals and targets based on the situation today
18 percent are making workloads more manageable

Most organizations have had to make some changes to continue operating throughout the coronavirus pandemic. Employers who are flexible, communicative and understanding of the challenges employees are facing can limit burnout and maintain a positive work environment.

How Soon Will I Get My Stimulus Check?

by ryanwangman | Apr 17, 2020 | Blog

How soon will I get my stimulus check? How the IRS plans to send out stimulus checks from the CARES Act and when you can expect to get yours.

Much of the American economy has moved online as the country makes an effort to curb the spread of the Coronavirus/COVID-19 pandemic, and the abrupt shift to the internet has left millions of people either unemployed or forced to adjust to an unfamiliar normal. Fortunately, the federal government recently passed legislation that will send some short-term financial relief to those in need.

As a result of the $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) passed in late March by Congress, a majority of adults across the country will receive a one-time stimulus check of $1,200, though the exact amount depends on a person’s income. Married couples without kids making below a specific amount will get a total of $2,400, and those with kids will receive an extra $500 for every eligible child age 16 or under. To get a check, you do not need to apply.

Now that the legislation has passed and the government is gearing up to turn this program from a hypothetical into a reality, the main thing people want to know: How soon will I get my money? The quick answer — it’s complicated.

How Soon Will I Get My Stimulus Check?

What You Need to Qualify for a Coronavirus/COVID-19 $1,200 Check

Before we detail when your check from the Internal Revenue Service will arrive, you need to understand how much you’ll be receiving, if any at all.

The IRS will determine if you’re qualified for the check by using your 2019 tax return. If you have yet to complete your 2019 taxes, the I.R.S. will use your 2018 return. If you have yet to file that, you can give the agency a 2019 Social Security statement showing your income.

You will receive the full $1,200 amount if you are a single adult with a Social Security number and your income is $75,000 or less. The threshold to receive the full $2,400 for married couples filing joint returns is $150,000. In addition to the $2,400, married couples will also receive $500 for every eligible child.

The stimulus check is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. If you are a single filer making over $99,000 or a joint filer with an income exceeding $198,000, you are not qualified for a stimulus check.

Unfortunately, if you are claimed by your parents as a dependent (which includes many high-school and college-aged people), you are also ineligible for a stimulus payment.

How Soon Will You Receive Your $1,200?

The exact date you’ll receive your check depends on your situation, but the IRS has already started to send electronic payments to millions of people across the country.

How quickly you’ll get that money primarily depends on how you filed your taxes. Electronic payments can be quickly sent out by the IRS, but other methods require the agency to print and distribute paper checks, which adds extra time to the process.

To find information about your specific check, the IRS has released an online tool enabling you to track exactly when you’ll get it. To track your stimulus check, you’ll have to input your social security number, your birthday, your address and your zip code — provided you filed your 2019 or 2018 tax return. If you are a qualified non-filer, there are extra links on the IRS’s website to input your information so you can still get your money.

On April 2, Treasury Secretary Steve Mnuchin said qualified Americans who have signed up for direct deposit payments should get them within two weeks, a process which is currently ongoing. A spokesperson for the Treasury Department expects 50 million to 70 million Americans to get their money via direct deposit by April 15, according to The Washington Post.

What If I Didn’t Sign Up for Direct Deposit?

However, if you need a paper check and didn’t sign up for direct deposit, you might have to wait for a bit. $30 million in paper checks for millions of people across the country won’t begin being distributed until April 24 or longer because the government doesn’t have their banking information.

Paper checks will reportedly be sent to lowest-income Americans first, beginning on April 24 with individual taxpayers that make $10,000 or less, per to an internal IRS plan obtained by The Washington Post. After that, checks will be sent to people earning $20,000 or less, sent in the mail May 1, followed by stimulus payments for people with incomes of $30,000 on May 8, $40,000 on May 15, and continuing in increments of $10,000 weekly.

Under the proposal, this process will keep going until paper checks are sent out on Sept. 4 to joint taxpayers making the maximum that are still qualified for a stimulus payment. All other paper checks will be sent out on Sept. 11, primarily to those the I.R.S. did not have prior tax information about. The IRS plans to distribute roughly 5 million checks each week.

For more information on your specific situation, please visit the IRS’s coronavirus stimulus payment resource center, linked here. We will update this article as the situation evolves and the payment process begins.

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

Coronavirus 2020: Supporting Employees During COVID-19

Coronavirus 2020: Supporting Employees During COVID-19 Pandemic

How to Tell If an Employee Is at Risk of Burnout

What’s Causing Employee Burnout?

How Employers Are Battling Burnout

More on Topics Related to Supporting Employees During COVID-19

How Soon Will I Get My Stimulus Check?

How Soon Will I Get My Stimulus Check?

What You Need to Qualify for a Coronavirus/COVID-19 $1,200 Check

How Soon Will You Receive Your $1,200?

What If I Didn’t Sign Up for Direct Deposit?

More on Topics Related to Coronavirus Relief:

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