Global financial services firm BNY has launched a homeowner programme for its US-based employees to help them navigate homeownership and deal with affordability pressures.
Through the programme, all of its US employees will have access to on-demand digital education, live seminars and mortgage benefits.
Meanwhile, its eligible US staff with qualifying compensation of $100,000 (£73,865) or less annually may qualify for $6,500 (£4,801) in BNY-funded down payment assistance to be used toward the purchase of their first home.
They will also have access to homeowner education through a third party that includes digital modules and live seminars covering budgeting, credit readiness, mortgage options, closing costs and long-term homeownership planning. Access to mortgage origination and special benefits will be enabled by BNY and provided by a third party.
The programme is part of BNY’s broader suite of benefits that aim to enhance financial wellbeing for employees across every life stage. These include matching qualifying student loan payments into employees’ 401(k) accounts, options for bonus deferrals into a 401(k), and enabling employees with eligible compensation of $100,000 or less annually to receive a $1,000 (£738) basic contribution into their 401(k), without a required employee contribution.
It also participates in the US government’s initiative for children, matching its $1,000 contribution for eligible employees’ newborns, and enables employees with eligible compensation of $75,000 (£55,398) or less annually to take advantage of a $0 premium contribution for its standard healthcare plan option.
BNY has also committed to making all employees feel a part of its growth journey through stock ownership being factored into compensation across pay grades.
Robin Vince, chief executive officer of BNY, said: “Homeownership is a pathway to financial security and economic prosperity, and we’re committed to helping our people reach it. By offering benefits that strengthen financial wellness and family stability, we are investing in our employees and the communities we serve, helping build a more resilient economy.”
