EMERGENCY & BASIC NEEDS ASSISTANCE
The Emergency Assistance Program addresses critical unexpected financial emergencies such as major illness/injury, death and disaster. The assistance is need-based and intended to address at-risk basic life necessities (housing, utilities, food and medicine). Most employees who seek assistance work in LS&Co. factories, distribution centers and retail stores around the globe. In addition to helping in times of crisis, RTF provides assistance to LS&Co. retirees, their spouses and surviving spouses. The vast majority of retirees who request aid are former sewing machine operators in their 70’s and 80’s. Common needs include eyeglasses, hearing aids, dentures, handicap accessories and winter heating fuel.
RTF provides proactive services to help LS&Co. employees and retirees pursue their financial goals through their own efforts. These services include basic financial literacy workshops and access to financial tools and resources. We also provide free access to certified financial counselors to help individuals budget, overcome debt and regain financial stability.
In 2015, RTF launched a matched savings pilot program in partnership with EARN, an asset-building non-profit organization. The program is designed to help lower income employees improve their financial capabilities and the pilot involved LS&Co. distribution and retail employees, many of whom were self-described as non-savers. More than half successfully completed the program by making regular deposits into savings over a six-month period. These employees saved nearly $300 on average and are generally doing a better job managing their spending. A second release is planned in Spring 2016.
The Red Tab Scholars Program provides need and merit-based scholarships of up to USD $1,500 for dependents of LS&Co. employees and retirees. Dependents enrolled in two- and four-year universities or accredited vocational programs are eligible to apply.
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