The Link Between Employee Benefits and Retirement Savings
Some very basic benefits allow workers to build a robust retirement fund
Employee retention, especially in a hot job market like we have now, is a primary concern for associations. They want to keep the staff they’ve cultivated, and one way to do that is through benefits. While much has been made of the many benefits available, a recent study finds that some very basic benefits allow workers to be more productive and help them build up another benefit: a robust retirement fund.
The research, published in Community, Work & Family, found that male employees who received six to 10 sick days annually had 30.1 percent more in retirement savings, and those getting more than 10 paid vacation days had 40.7 percent more in their retirement fund than workers who didn’t.
“What we’ve been trying to do is understand how impactful these basic fringe benefits are,” said LeaAnne DeRigne, study coauthor and associate professor at the School of Social Work at Florida Atlantic University. “This was the first time that anyone has really tried to understand the impact on long-term savings.”
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