At Work

Employers concerned about your well-being?

Here is an interesting infograph prepared by Aon showing the direction employers (mostly large) are going to assist employees to be financially ready for retirement. 

A bit ironic though as these are the same employers that have terminated traditional pension plans, eliminated retiree medical benefits and are now moving to high-deductible health plans for workers thereby hampering their ability to save for retirement. Just saying 🙄 

And look, it’s the right thing to do or the employer wants its workers engaged. Maybe employers should have considered all that before they made all the benefit reductions (which they didn’t make up in direct compensation by the way). 



2 replies »

  1. Nothing to see here, just a PR piece for the Corporations. As long as the CEOs and upper management have there cake and eat it too, the middle class will foot the bill, as always..


  2. I think it is a case of Aon Hewitt selling services under the illusion that it is a benefit to your employees with little company costs. So showing a study that 89% of employers are “likely” doesn’t mean they will offer these programs. Where I work, I do not believe that very many people take advantage of these services from Aon Hewitt. It is just another fee. I try to seek some independent advice to keep a check on who already has my money.

    I also believe that companies want more engagement. How else do you shift costs?

    From what I seen in my business unit, the shift has been to high deductible health insurance, back-end loaded contribution pension plans, PIPs that can’t be achieved or have no control over, and no raises even though employee costs of premiums continue to rise. It is no wonder employers are trying focus on their compensation packages to look competitive.

    With the constant doom and gloom in my industry and boom / bust cycles seen by anybody out of school for 15 years, you just have to assume that you will not retire with your current company and the back-end loaded pension plans have little value other than it is better than nothing.

    I believe that low to middle wage earners think that they do not have the extra money to put into 401Ks so they do not even bother with any retirement information. To some, it is hard to see how $10 a week will become a mountain of cash, which it won’t in the current stock market of the last decade. But these employees really have to start somewhere.

    I know what I want and that is a dollar for dollar match for my 401k. Instead in 2010 they cut my match for a year and that has cost me over $5k in earnings to date. I have to believe that help save my company rather than corporate greed for the stockholders.


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