Benefits June 22, 2005

EBRI: Young People Not as Likely to Have Benefits

June 22, 2005 (PLANSPONSOR.com) - Young workers are much more likely to have employment-based health insurance than to participate in a 401(k)-type plan, according to data released Wednesday.
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According to the Employee Benefit Research Institute (EBRI), the younger the worker, the less likely he or she is to have a job with benefits.

The EBRI data indicated that the number of workers in different age groups with a K-type plan in 2002 included:

  • 21-24 – 9%
  • 25-34 – 29%
  • 35-44 – 34%

Further, EBRI data indicates the extent of workplace health coverage in 2003 for different age groups was:

  • 21 – 24 – 45% (26% in worker’s name; 19% as a dependent)
  • 25 – 34 – 61% (47% in worker’s name; 14% as a dependent)
  • 35 – 44 – 70% (50% in worker’s name; 20% as a dependent).

The health coverage data is here while the K plan data is here .

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