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While retirement benefits rated lower than basic pay as a tool for employee recruitment and retention (69% of employees view salary as extremely important), 36% thought that having access to a workplace retirement plan with employer contributions was “extremely important.” This peaked in the United States at 49% – compared to 44% in Poland, 42% in the United Kingdom and just 27% in Sweden. However, when viewed alongside other non-salary benefits such as life or health insurance, and stock options, company retirement plans ranked highly. The survey found this to be less true in the U.S. where access to public health care is more limited and employees look to employers to make some provision towards the high cost of private medical insurance. These findings are in the second report from The Changing Face of Retirement research from AEGON and the Transamerica Center for Retirement Studies. The first report stressed that current workers expect to be worse off in retirement than current retirees (see “Global Outlook for Future Retirement Bleak”). The second report is here.
While retirement benefits rated lower than basic pay as a tool for employee recruitment and retention (69% of employees view salary as extremely important), 36% thought that having access to a workplace retirement plan with employer contributions was “extremely important.” This peaked in the United States at 49% – compared to 44% in Poland, 42% in the United Kingdom and just 27% in Sweden.
However, when viewed alongside other non-salary benefits such as life or health insurance, and stock options, company retirement plans ranked highly. The survey found this to be less true in the U.S. where access to public health care is more limited and employees look to employers to make some provision towards the high cost of private medical insurance.
These findings are in the second report from The Changing Face of Retirement research from AEGON and the Transamerica Center for Retirement Studies. The first report stressed that current workers expect to be worse off in retirement than current retirees (see “Global Outlook for Future Retirement Bleak”).
Rebecca Mooreeditors@plansponsor.com