Retirement Plan Contributions
With the US economy shrinking to an estimated 6.5% in 2020, employers are making difficult decisions about how to cut costs, including laying off or furloughing employees as they evaluate their cash positions during this crisis. Many employers are also…
What the Workers Strength Fund Can Tell Us About Emergency Cash During COVID-19
In the last several months, millions of Americans have directly experienced the financial impact of the COVID-19 pandemic and many have found themselves without a savings cushion to fall back on. The pandemic has amplified the widespread financial insecurity and…
Worker Financial Security
COVID-19 and the ensuing financial crisis represent an unprecedented challenge for the U.S. economy. With record numbers of unemployment claims and historic market point drops, even the most seasoned investors may feel at a loss. However, investors can continue to…
Guiding Your Employees Through Stimulus Payments and Savings
Last month, Congress passed and the President signed into law the CARES Act, bringing much-needed relief to millions of people. One of the most discussed and important components of the CARES Act are the economic impact payments (EIPs)–commonly known as…
The CARES Act
The CARES Act facilitates immediate access to retirement funds. While necessary during these unprecedented times, it also highlights the fact that millions of Americans depend on their retirement savings for emergency expenses. The decision to tap into retirement savings–at any…
How to Support Workers on the Frontlines During the Pandemic
As more states announce stay-at-home advisories to slow the spread of COVID-19, American storefronts have gone quiet: falling consumer spending and rising unemployment are evident in every empty shopping center and city block. However, a subset of “essential” businesses, such…
Employer Emergency Cash Programs During COVID-19
We have all seen the headlines—more than 16 million people have filed unemployment claims in the US— and those in low-wage or hourly jobs are more likely to be impacted economically. Even if you have been able to maintain your…
New Report: Etsy Sellers Look for More Support with the Challenge of Emergency Savings
Non-traditional workers have been at the forefront of the national discussion in recent weeks, driven in part by the passage of the CARES Act, which includes unemployment benefits for gig workers, freelancers, and the self-employed. Long before the COVID-19 crisis…
How Employers Can Reduce the Financial Burden of COVID-19
The unprecedented economic impact of COVID-19 has had severe implications for workers earning low to moderate incomes (LMI)—many of whom are increasingly looking to their employers for support. At Commonwealth, we’ve heard from employers, financial institutions, fintechs, and others looking…
Piloting Employee Emergency Savings
The Federal Reserve found in 2018 that as many as 39% of households would struggle to cover an unplanned $400 expense. The lack of household emergency savings and financial insecurity impacts not only families, friends, and the community, but employers…