Leadership at U.S. Medical Glove Company understands that sometimes the bank of life can throw some curveballs—whether it’s a surprise medical bill, car trouble, or other household emergency. And when those things pop up, it’s a lot less stressful if you’ve got some savings to fall back on. That’s why USMGC has rolled out a new program to kick start emergency savings funds for all employees.
Introducing the Emergency Savings Program
The idea behind the Emergency Savings Accounts program is pretty simple: it’s a way to help employees build up a financial safety net for those “just-in-case” moments. By encouraging regular savings, USMGC hopes to give all employees a bit more peace of mind.
It’s no secret that unexpected expenses can be stressful. USMGC knows that when employees are financially stable, they’re happier and more focused at work. So as part of their mission to revitalize quality American manufacturing jobs, USMGC launched this program, helping staff stay on solid ground by helping team members handle the unexpected without added financial worry.
USMGC created the program in partnership with the financial experts at Sauk Valley Bank, an institution with firm roots in northwest Illinois. Together, the two teams have designed a program that equips USMGC employees with the tools they need to feel secure.
How It Works
The program is designed to encourage saving through a combination of incentives for reaching certain savings milestones and a six-part educational course on financial essentials.
Getting Started: When employees hit their six-month mark, USMGC makes a $250 seed deposit. It’s a nice little boost to get the savings going.
Hitting Milestones: As savings grow over time, there are some additional rewards. At $1000, USMGC makes a $250 bonus. For each additional $1000 added to the balance, employees will see an extra $100 hit their balance.
Employee Contributions: The rest of the deposits are up to individual team members, who can decide how and when to contribute to their accounts.
Financial Education Courses
There’s more to this program than just saving money. USMGC recognizes that understanding finances is key, so there’s an additional educational component to the Emergency Savings Program.
Every month, the financial professionals at Sauk Valley Bank lead a 30-minute class in the atrium at USMGC’s Harvard, IL headquarters. Each course is different, delving into a range of financial topics like understanding mortgages, creating budgets, and managing credit cards.
Program beneficiaries are required to attend classes for six months.
The Emergency Savings Accounts program is one of the ways U.S. Medical Glove Company is looking out for its employees. It’s more than just a savings plan—it’s a way to make sure everyone feels secure and supported, no matter what life throws their way.
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