Anthem, Inc., one of the largest health benefits companies in the U.S., conducted a survey where they discovered that 35% of millennials, ages 18 to 34, have turned down job offers because they were dissatisfied with the benefits. The turn-down rate for all other groups was 27%.
The survey results also shows that employers might also offer highly desirable benefits such as fitness classes, in-office massages, or extra time off to help employees manage stress, but money seems to be the number one reason why employers are hesitant. As a result, Anthem aid that this is why millennials were more persuaded to be involved in long-term financial planning than older workers ages 35 to 54 during the past year.
It’s a good idea that employers should offer workers benefits that help protect their income, such as disability insurance, if they become disabled and also financial planning in a health care plan.
The study also shows that millennials are more careful about financial planning and saving for retirement than previous generations. Millennials make up the largest section of today’s workforce, therefore employers that can provide a 401(k) plan, financial planning advice, health care, and other benefits that protect employees against income losses are far more competitive in attracting and retaining top talent.
Employers who are offering benefits might want to review their benefits offerings to find out how well they’re fitting employees’ needs, especially with millennials turning down more jobs because they don’t like the benefits.
Bolden-Barrett, Valerie. “Anthem: 35% of millennials turned down job offers due to inadequate benefits.” HR Dive. N.p., 22 May 2017. Web. 22 May 2017. <http://www.hrdive.com/news/anthem-35-of-millennials-turned-down-job-offers-due-to-inadequate-benefit/443208/>.
- Uber, the international ride-hailing firm, is testing workers’ comp-type insurance coverage to give it South Carolina drivers financial protection if they’re injured on the job, reports The Post and Courier.
- The insurance policies will help cover drivers’ medical bills and replace their regular earnings if they’re injured while transporting customers. The insurance plan, reportedly the first of its kind, is a means of offering wage protection to gig economy workers, says The Post and Courier.
- Insurance policies will cost drivers 3.75 cents a mile for up to $1 million worth of coverage. Passengers will subsidize the costs through a five cent increase in fares.
Offering Uber drivers insurance policies is a step employers might be inclined to take to protect independent contractors and other gig economy workers’ wages.
Employers are facing the dilemma of hiring on-demand workers without worrying about the cost of providing benefits as opposed to offering them wage protections. Recently, Uber drivers have sued the company over what they perceive as lost wages — denied benefits to which they feel entitled — threatening unionization .
The larger issue is the fact that gig workers are projected to outnumber traditional workers by 2025. Their looming numbers are causing Congressional lawmakers to think about revising the decades-old Fair Labor Standards Act to accommodate these nontraditional workers in the labor force. This was the argument made by House Republican Virginia Foxx (NC) earlier in the week.
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The tax deadline for most taxpayers was Tuesday, April 18, 2017. The IRS has some advice for taxpayers who missed the filing deadline.
- File and pay as soon as possible. Taxpayers who owe federal income tax should file and pay as soon as they can to minimize any penalty and interest charges. For taxpayers due a refund, there is no penalty for filing a late return.
- Use IRS Free File. Nearly everyone can use IRS Free File to e-file their federal taxes for free. Taxpayers whose income was $64,000 or less can use free brand-name tax software. Those who made more than $64,000 can use Free File Fillable Forms to e-file. This program uses electronic versions of IRS paper forms. Fillable forms work best for those who are used to doing their own taxes. Taxpayers can file — even if they missed the deadline — using free options on IRS.gov through the Oct. 16 extension period.
- File electronically. No matter who prepares a tax return, taxpayers can use IRS e-file through Oct. 16. E-file is the easiest, safest and most accurate way to file a tax return. The IRS will send electronic confirmation when it receives the tax return and issues more than nine out of 10 refunds in less than 21 days.
- Pay as much as possible. If taxpayers owe but can’t pay in full, they should pay as much as they can when they file their tax return. IRS electronic payment options are the quickest and easiest way to pay taxes. IRS Direct Pay is a free, secure and easy way to pay a balance due directly from a checking or savings account. Pay any owed amounts as soon as possible to minimize penalties and interest.
- Make monthly payments through an installment agreement. Those who need more time to pay taxes can apply for a direct debit installment agreement through the IRS Online Payment Agreement tool. There’s no need to write and mail a check each month with a direct debit plan. Taxpayers who don’t use the online tool can still apply on Form 9465, Installment Agreement Request. Get the form at IRS.gov/forms.
- File as soon as possible to get a refund. Taxpayers who are not required to file may still get a refund if they had taxes withheld from wages or they qualified for certain tax credits like the Earned Income Tax Credit. Those who don’t file their return within three years could lose their right to the refund.
Taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity. Taxpayers can learn more about how to verify their identity and electronically sign tax returns at Validating Your Electronically Filed Tax Return.