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Target Raises Employees Benefits

Target Corporation is set to pay nearly $200 million for bonuses to employees. After the pandemic, it’s now the fifth time to pay extras to its employees. The retail company has decided to expand bonuses (after the outbreak) following a successful holiday season. In line with this, all hourly employees will be paid $500 and directors will get $1,000 to $2,000. As the customers’ trend has shifted during the pandemic, with things like holding larger bags and comfortable curbside pickup, the company has taken advantage of the situation. The trend gained a momentum on holidays, bringing in a rise in sales (17.2%) as well as multiplying e-commerce sales in two consecutive months of November and December. Other benefits include paying quarantined employees, providing access to doctors online and supporting their families till the recovery. Samira H.
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By Samira Hassanzadeh on October 19, 2021

Employers Cut Their 401k Contribution Due To Pandemic

A new survey reveals that 46,000 U.S. firms have had to reduce their typical fund to 401(k) investors in the wake of Covid-19. The worst economic situation since the Great Depression, the cut has shattered businesses. The Plan Sponsor Council of America stated that nearly 8% of employers cut down their 401(k) shares during the pandemic and 1% have planned to do the same. The Executive Director at Plan Sponsor Council of America, Will Hansen, said the companies’ contribution has not been so huge, but it accounts for tens of thousands of 401 k plans narrowing the employees’ benefits. Examination into the survey shows that over 46,000 plans have reduced 401(k) funds to employees and 5,000 more will do so as well. In recent months, economic indexes represent a seriously slow growth in jobs and retail sales. Hansen expressed hope over the future’s rebound as the coronavirus vaccine is on its way. Samira H.
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By Samira Hassanzadeh on October 19, 2021

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