Most NY Companies Feature Retirement Program

August 7, 2002 ( - Most New York-area companies offer a 401(k) and/or a pension plan to employees, according to a new survey.

The latest poll of New York-area hiring managers by The New York Times Job Market found that:

  • 81% of education firms reported offering a retirement plan, compared to
  • 70% of health-care companies
  • 64% of retail companies
  • 54% of financial services companies
  • 44% of technology companies.

Health Coverage

In other benefit topics, nearly nine out of 10 employers say they spend more on worker health insurance than any other benefit.

The survey also reported that the cost of health insurance shot up the most of any benefit provided for 92% of companies during the last three years. Some 93% of respondents say health coverage costs should stay in the stratosphere with gargantuan year-over-year increases in the near future.

Other benefit trends identified by the survey included:

  • an increase in companies offering paternity leave. Hiring managers from companies in the following industries say they offer paternity leave as an employee benefit: education (70%), healthcare (66%), financial services (64%), retail (54%) and technology (46%)
  • hiring managers across all industries surveyed say they offer employees an average of three to four weeks of paid vacation time.

Beta Research Corporation, on behalf of The New York Times Job Market, interviewed more than 450 hiring managers from companies in the financial services, retail, technology, healthcare, and education sectors to identify trends in employee benefits programs.