New Employee Hiring Cash Incentive

POSTED on July 29, 2011

The Vermont Agency of Commerce and Community Development is now accepting applications for the new Science, Technology, Engineering and Math (SYEM) cash award program. The program was created by the governor and legislature to provide up to $7500 in cash to new hires to Vermont companies in eligible occupations to help the employee defray the costs of student loans.

An employee may receive $1500 annually for each year of employment for up to five years.

To be eligible:

o An employee must be hired by a qualified employer on or before December 12, 2012;
o Have graduated from an accredited educational institution with an Associate’s Degree or higher;
o Been conferred the degree not more than 18 months before the date of hire by a qualified employer; New hires must apply within 30 days of their start date.
o Be employed by a qualified employer for a position in Vermont that meets the STEM definition and for which the total annual compensation (including the value of benefits including health and dental insurance, FICA payments, company pension and 401(k) contributions and other direct compensation paid to the employee) is $50,000 or greater; and
o Have outstanding student loans with a lending institution.

A list of eligible positions is listed on the application website www.thinkvermont.com . If you feel your position qualifies but is not on the list you may request a review for eligibility. Only positions that pay $50,000 annually in salary and benefits qualify. Benefits includes health and dental insurance, FICA payments, Social Security payments, company pension and 401(k) contributions and other direct compensation paid to the employee.

To apply visit this page on www.thinkvermont.com. Or you may call Ken Horseman in the Agency of Commerce and Community Development at 802-828-5236. Email ken@thinkvermont.com or ken.horseman@state.vt.us .

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