Natixis Global Asset Management will pay $10,000 to its employees to pay off student loans

People focus on saving up an amount for their retirement. The process can get quite easier if they keep on cutting off some loan burden on them with time when they are still young, to prevent it from building up.

According to CNN Money, employees have been offered with a benefit of an extra amount of $10,000 by a company, Natixis Global Asset Management. The cash can then be used to put off the burden of student loan debt. The offer can assist the workers who are living with burdening federal student loans.

The beneficial offer of a $5,000 will start after the employees complete their next five-year task. Additionally, they will be provided with $1,000 annually for the next five years. The program is reported to be initiated in the beginning months of 2016 and the offer is just for the firm's 525 U.S. employees.

Tracey Flaherty, who is the senior vice president of retirement strategies at Natixis said, "We decided it was time we put our money where our mouth is, and make sure our own people are on sound financial footing".

The firm conducted its own research, which revealed that one-quarter of Americans and one-third of Millennial are not able to invest in their company-sponsored retirement plan, as reported by WYFF4.

Retirement savings, starting from a young age can prove to be beneficial in the long run. In order to save yourself from potential future stress, one should start paying off loan debt when still young.

"The power of compounding cannot be overestimated," Flaherty said.

Natixis is not labeled as the first company to offer the benefits of social loan repayment but still one step ahead of other companies. According to the Society for Human Resource Management, approximately just 3% of companies offer the benefit of student loan.

Previously, PwC revealed similar beneficial offer of providing up to $7,200 over six years to employees on merit to pay off their student loans, as mentioned by CBS6. Gradifi is another company that will assist PwC to carry out the program. For workers to avail the benefit, they first have to sign up for Gradifi's Student Loan Paydown Plan.

The funds will then be distributed from PwC directly to employees loan servicers by the company. Moreover, Gradifi CEO Tim DeMello anticipates at least 100 companies to do a partnership with him by next year.