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dependents were awarded scholarships this past year
financial assistance recipients
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 based needs 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.
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.
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 nonprofit organization. By providing a modest financial incentive and access to financial education, the program is designed to help lower income employees build a regular habit of savings and improve their financial capabilities. The pilot involved 30 LS&Co. distribution and retail employees who saved an average of $250 over a six-month period. A second release is planned for 80 participants in spring 2016.