Tax Time Is The Perfect Time To Increase The Financial Well-Being of Your Employees
Each year, employers have an impactful yet underutilized window to steward employees toward improved financial security: Tax time. This tax season, every employee—from the most junior member to your executives—will spend time reviewing their financial situation. Employees who pay taxes…
Employers can improve financial security by offering emergency savings
You are demonstrating support for the entirety of your workforce by recognizing their individual financial circumstances and offering benefits that address them. As a new year approaches and employers consider additional ways to improve their culture and address ongoing issues…
Workplace Benefits: Employers’ Role in Mitigating the Financial Impacts of Climate Change on Worker Financial Security
Eighty-three percent of workers report wanting an expanded employer response to mitigate the financial impacts of climate change on U.S. workers. With relief efforts for Hurricane Helene dominating the news this fall, there was a renewed focus on the role…
Beyond Email
Thinking creatively to reach a diverse workforce with non-wired workers As part of BlackRock’s Emergency Savings Initiative (ESI), GXO and Commonwealth have partnered to support employee financial security by providing access to a high-quality emergency savings benefit and promoting emergency…
Tackling The Financial Impact of Climate Change on Workers
Workers are not confident that they could financially recover if extreme weather were to impact them tomorrow. Since 2022, the Occupational Safety and Health Administration (OSHA) has been working on proposed legislation to implement guidelines for workers and heat exposure.…
Benefits for the Future: Reimagining Workplace Benefits
Commonwealth and JPMorganChase Announce New Initiative That Strengthens Workers’ Financial Security Through Innovative Workplace Solutions The workplace is a major component of an employee’s financial security, especially for those earning a low to moderate income (LMI). Significant research exists, including…
Workplace Emergency Savings Policy
The passage of two emergency savings provisions as part of the SECURE 2.0 Act of 2022 underscores Congress’s clear recognition of emergency savings’ critical role in enhancing retirement security and overall financial well-being. As of January 1, 2024, these provisions—optional…
Rethinking Tax Incentives as Pathways to Workplace Emergency Savings
For generations, America has deployed the tax code to encourage workplace savings—tax-advantaged retirement plans and health savings accounts, for example. In “Can Tax Incentives Boost Workplace Emergency Savings?”, we explore how we might use a similar approach to support savings…
Provider Interviews Indicate Opportunity to Build Products Aimed at People Earning Low and Moderate Income
A new brief from Commonwealth, “Perspectives on Emerging Technologies and Inclusive Design: Interviewing Bank and Investing Platform Executives,” contains summary findings from 16 interviews with industry experts and executives at financial service providers. The report’s findings suggest emerging technologies may…
3 Key Webinar Takeaways: How SECURE 2.0 Could Impact Workplace Emergency Savings and Inclusive Financial Wellness
In December, Congress passed the SECURE 2.0 Act of 2022, which included The Emergency Savings Act. These emergency savings provisions open the door for employers to consider offering new emergency savings solutions to workforces starting in January 2024. Yet, critical…