Student Loan Help, United Pilots Get A Pay Raise And The Best Time To Job Hunt

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For many employees, some 44 million of Americans more specifically, college debt bills are back in budgets after a three-year pause on student loan repayments ended this month.

But experts predict the end of that Covid-era relief program, plus new legislation and changing worker expectations, could mean employer student loan benefits could finally get more of a boost. For my latest story, I spoke with companies, benefits consultants and experts on the student debt crisis and how they’re thinking about benefits as repayments resume.

Read on for more news and career advice in this week’s issue. Have a great week!

WORK SMARTER

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FEATURED STORY

Student Loan Payments Are Resuming. Employers May Finally Do More To Help.

Some 44 million Americans owe $1.6 trillion in federal student debt—a staggering figure that takes on new urgency as repayments resume this month after being paused in March 2020 as an emergency Covid-19 relief measure. Experts say the Secure Act 2.0, which was passed in late 2022 and takes effect in January, could spur more companies to add assistance for workers who are paying student loans.

The new provision will let employers offer extra savings to young workers by paying out 401(k) matching contributions to those making student loan payments—even if the employee is not contributing to their 401(k) on their own.

“For a long time, employees had to choose between contributing to their retirement or paying down their student loans,” says Aaron Smith, cofounder of Savi, a startup that works with employers to help workers access loan repayment options. He believes many companies will eventually adopt a similar program. “It takes time for employers to wrap their heads around a big new type of benefit or program like this, but it’s an attractive idea.”

TOUCH BASE

News from the world of work

How the Writers Guild Of America scored a tactical win over Hollywood studios: Contributor Molly McPherson analyzes WGA’s three key moves that allowed them to triumph in a 148-day strike and flip the script against Hollywood studios’ outdated public relations tactics.

DeVry President explains upskilling gap for women and POC: Contributor Rachel Wells looks at a recent survey that revealed significant gaps in upskilling opportunities for women and POC, shedding new insight into their continuing workforce challenges.

United pilots win 40% raise: Pilots at United Airlines ratified a new four-year contract Friday, joining pilots at Delta and American airlines who ratified new contracts earlier this year. The agreement marks the latest major pay raise for unionized workers in the U.S.

Autoworkers expand strike at Ford and GM—but not Stellantis: As negotiations with the automakers Ford and General Motors remain stagnant, The United Auto Workers expanded its strike again Friday this time against Ford and General Motors. Workers at Stellantis will not expand their strike as the union said it made progress in those talks.

CHECKLIST

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Forbes released its Forbes 400 today—an annual ranking of the richest Americans. Watch this video to learn more about who’s on top.

In Leap: Why It’s Time to Let Go to Get Ahead in Your Career, author Jessica Galica provides advice for making the gratifying career shift you’ve been wanting to.

NUMBER TO NOTE

$18

That’s the minimum wage New York City delivery workers will soon make.

New York City delivery workers will start making at least $18 an hour after a judge denied an attempt from three food delivery giants to block a New York City minimum wage bill from going into effect—delivering a victory for supporters of the first-of-its-kind law, which is the latest effort to regulate how gig workers are paid.