Insurance company Unum Group is giving its employees a choice: turn in five earned PTO days and get money toward your student loans in exchange, NOLA.com reports.
Part of the firm’s reasoning comes from a 2017 Inc. report that said 63% of millennials owe at least $10,000 in student loans, which can significantly impact one’s ability to build wealth after college. Additionally, according to a study from Student Loan Hero, “the average net worth of a millennial with student loans is only 25% of the net worth for a fellow millennial without them.”
At Unum, each vacation day is worth an employee’s hourly rate in cash for the eight-hour day. Parents who share responsibility for a child’s loans also qualify for the deal.
Some employees wouldn’t give up their vacation days for anything, but for others, it might seem like a small price to pay. Read the full story.