Google will assist workers repay pupil loans amid ‘debt disaster’

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Google CEO Sundar Pichai speaks on the firm’s 2016 Google I/O convention in Mountain View, Calif.

Justin Sullivan | Getty Photographs

Google’s newest worker perk to draw expertise is assist with pupil loans.

Beginning in 2021, Google will match as much as $2,500 per full-time worker per 12 months towards their pupil mortgage funds, John Casey, Google’s director of International Advantages informed workers Thursday, in response to an inside e mail considered by CNBC.

“Faculty levels are out of attain for too many individuals around the globe, and the hovering pupil mortgage debt disaster has widened an already pervasive wealth hole, globally,” Casey stated in Thursday’s e mail. He added that People, particularly, face a pupil mortgage deficit upward of $1.5 trillion {dollars}, which he stated is twice what it was a decade in the past. 

The corporate’s new perk goals to assist college students save the additional cash to allow them to do issues like buy a house or begin a household, Casey stated in a Thursday blog post.

Google will roll out the brand new profit within the U.S. first, however plans to increase to workers globally. Throughout This fall, the corporate will “acquire extra data to tell the rollout,” Casey stated within the e mail. “It will get sophisticated with completely different lenders nation by nation,”  he added. 

The brand new perk comes as the corporate, whose well-known in-office perks aren’t accessible throughout remote work, competes in opposition to tech corporations like Facebook and Apple for young tech talent. The price of dwelling is especially costly within the San Francisco Bay Space,the place the majority of tech corporations and workers are headquartered.

Casey informed workers the most recent announcement is an enlargement of its training reimbursements for workers, and that it partnered with Google’s worker useful resource teams Black Googler Community and Black Management Advisory Group, which he credited for “serving to us to get this carried out.”

“As a result of the burden of pupil loans weighs disproportionately on communities of coloration and ladies, it is a step towards constructing a extra equitable Google too,” Casey stated in Thursday’s e mail. 

The brand new perk will not apply to Google’s roughly 130,000 contractors and temp staff — simply to the corporate’s roughly 123,000 full-time workers.

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