The Consumer Electronics Association is offering loans to employees to encourage them to live close to work and cut down on their commuting time.
The three-year, $25,000 loan, according to the announcement, is meant to help employees make a down payment on a home closer to CEA’s Arlington, Va. headquarters.
While some local governments entice employees to live in their jurisdiction, CEA believes it’s the first non-government entity in the Washington area to make this type and level of benefit available.
“It makes sense to encourage people to live near where they work,” said CEA President and CEO Gary Shapiro in the announcement. “If others adopt this approach, we will all benefit from reduced traffic, less fuel demand, less stress and more committed employees.”
CEA is considering the “forgivable” loans an experiment and will track how they affect employee retention. Typically a forgivable loan is one where a certain percentage of the loan is “forgiven” depending on length of time at the job or other criteria.
What a great idea; I’ve seen help offered at various jobs for special purchases such as computers, but never for this amount of money.
CEA has 155 employees. The benefit supplements other policies, including a $115 per month subway subsidy and a telework policy.