New York State’s Department of Labor (NYSDOL) has launched the Federal Bonding Program (FBP) to help job seekers with employment barriers. The program provides employers with fidelity bonds that guarantee job performance for at-risk individuals, including ex-offenders, recovering substance abusers, and those with poor credit histories.
The FBP is a joint effort between the NYSDOL and the U.S. Department of Labor’s Wage and Hour Division. It aims to encourage employers to hire individuals who may be deemed high-risk by guaranteeing their job performance through a surety bond. The bond assures employers that in the unlikely event that an employee with a fidelity bond commits theft, forgery, larceny, or embezzlement, the employer will be reimbursed up to $5,000.
The program’s goal is to give individuals who have faced obstacles in their job search a second chance. By providing a financial safety net for employers, the FBP helps at-risk job seekers gain employment and move towards financial independence.
To qualify for the FBP, job seekers must be deemed high-risk by the employer due to factors such as criminal records or poor credit history. However, individuals with records of violent or sexual offenses are not eligible for the program.
The NYSDOL is encouraging employers to participate in the program and help those who may have otherwise been overlooked for employment. The FBP not only provides an opportunity for at-risk individuals to secure a job but also helps employers diversify their workforce.
Overall, the Federal Bonding Program is a step towards creating more inclusive and equitable employment opportunities for all individuals.
