American workers waste a large portion of their vacation days for a number of different reasons, according to researchers. That trend might well continue if a new policy is enacted by more companies like the Unum Group, a Chattanooga-based insurer: trade vacation days for student loan payments.
Under the company’s new policy, employees who are willing to give up at five vacation days (the company offers at least 28 days off per annum, but does not clarify if personal/sick days are available as well), will receive five times their day rate to use toward student loan payments, by the company’s estimates. The company estimates that 30% of its workforce will take the company up on its offer.
Unum Group joins a growing list of employers who offer debt relief to their employees, though they appear to be on the vanguard of exchanging vacation days with the benefit.
“We thought it was a more creative method,” said Carl Gagnon, who runs financial well-being programs at the company, told Bloomberg.
The average American worker receives 15 paid vacation days a year.
Jimmy Valentine, one of the Unum employees expected to take advantage of the new policy, told Bloomberg that it sounded like a good idea.
“I should take more days off,” he said. “But I continue to work to make sure I keep up with everything.”
