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Top tips to help new parents stay in control of their finances

Employee Benefits

Expecting a baby and planning maternity or parental leave is an exciting time, but it is also important to consider the financial impact that a new arrival can bring. As the cost of living crisis continues, it is now more important than ever that new parents understand how their finances will be affected and what actions they can take.

Finance 105
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17 Items That Need To Be Included In Your Employee Handbook

Genesis HR Solutions

Parental leave This section in your handbook should spell out your policy on parental leave. For Massachusetts employers, this is a must-do; other states have similar requirements for parental leave statements as well. An HSA can be used only if employees have a qualified High Deductible Health Plan (HDHP).

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Parental and Family Leave Programs Increased in 2023 

HR Professionals Magazine

Survey Results Over one-third (39%) of organizations now offer paid parental leave, a six-point percentage increase from 2022. Paid maternity and paternity leave increased by five percentage points from the previous year and are currently provided by 40% and 32% of employers, respectively.

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Examples of fringe benefits by category

Business Management Daily

High-Deductible Health Plans (HDHPs) with Health Savings Accounts (HSAs) : HDHPs have lower premiums but higher deductibles compared to traditional health plans. Deductibles can be paid with tax-advantaged/tax-free spending accounts funded by employees and employers. Let IRS Publication 15-B be your tax guide to fringe benefits.

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Building Understanding Ahead of Open Enrollment Across Generations

PeopleStrategy

Generation X (born 1965-1980) are typically family-oriented, so they may prioritize benefits like parental leave, flexible work arrangements, and career development opportunities. Some employees may prefer comprehensive plans, while others may opt for high-deductible plans with health savings accounts (HSAs).

401(k) 52
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Two Neighboring States Recently Joined a Growing Movement to Provide Paid Family Leave

McNees

Employees may also be eligible for an additional 12 weeks per year for their own serious health condition if the initial 12 weeks of leave was taken to care for a new child, and vice versa. Employers with 10 to 24 employees only need to offer parental leave.

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The 4 Best Benefits in 2024, According to Employees

Best Money Moves

Mercer’s 2023 Health and Benefits Strategies report shows that many employees are looking for benefits packages that include parental leave, adoption leave and elder caregiver leave. Retirement plans are tax deductible, flexible and are a great way to attract new talent to your business.