At the current federal minimum wage of $7.25 per hour, a worker would have to work at more than 3 full-time minimum-wage jobs, for a total of almost 127 hours a week, to be able to rent a 2-bedroom apartment and not sink more than 30 percent of their income into it. (Photo: Shutterstock)
Employee financial wellness, health and retirement savings all face a single threat that can derail any or all of them: rent.
As employers look to bolster health care, financial wellness programs and retirement savings to cut employee stress, improve productivity and open up opportunities for younger workers to advance, their best-laid plans may go awry because of one single factor that holds true from coast to coast: the high cost of rent.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
