Submitted by tim
on
Vermont Business Magazine Student loan debt is a challenge gripping the nation with 1.5 trillion in debt; transcending all generations, with statistics showing that nearly 1/3 of borrowers are over the age of 40. In response to this troubling trend, NBT Bank has launched its own Student Loan Repayment Program to help reduce the outstanding balance on qualifying student loans for full-time employees as part of its financial wellness initiatives.
“Student loan debt is an issue impacting so many of today’s professionals, yet about 8% of companies offer assistance for their employees,” said Chief Human Resources & Ethics Officer Catherine Scarlett. “NBT Bank is proud to be out in front of this challenge, in offering our own Student Loan Repayment program to help alleviate this burden on our employees.” The program offers contributions in the amount of $100 per month to the qualifying loans of full-time employees for up to 60 months.
The company has also reevaluated and updated several other employee benefits, including a new paid family leave policy that will provide mothers and fathers paid time off at 100% of pay following a birth, adoption or foster placement. This benefit is over and above other paid time off.
“When we say that we are a family-friendly company that believes in a healthy work-life balance, we mean it,” said Scarlett. “These policies reflect our commitment to ensuring that NBT Bank remains an employer of choice, able to recruit and retain the best talent.”
NBT Bank offers personal banking, business banking and wealth management services from locations in seven states, including New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. The bank and its parent company, NBT Bancorp, are headquartered in Norwich, NY. NBT Bancorp had assets of $9.7 billion as of September 30, 2019, and is traded on the Nasdaq Global Select Market under the symbol NBTB. More information about NBT is available online at www.nbtbank.com. Member FDIC.
Source: Norwich, NY (January 9, 2020) – NBT Bank