Friday, May 02, 2008

Survey: MetLife Employee Benefits Study Shows Increased Focus on Retirement and Aging Workforce

The workplace has become the dominant starting point for building a strong financial safety net, with more than half of working Americans (52%) obtaining the majority of their financial and retirement products through the workplace, according to MetLife. In addition to providing a picture of corporate employee benefits, its "6th Annual MetLife Study of Employee Benefits Trends" includes a look at a growing focus on retirement and the aging workforce.
Employers are implementing a range of programs and accommodations. Large companies outpace smaller employers when it comes to offering retirement guides/information and training. About one-third of companies with 500 or more employees offer resources and programs for an aging workforce. However, smaller employers provide greater flexibility for working part-time in retirement. Among companies that provide resources/programs for an aging workforce, 44% with 2 to 499 employees provide part-time employment to retirees, compared to 35% with 500 or more employees.

Smaller employers are less likely to anticipate being affected by the aging workforce. Only 35% of employers with 2 to 499 employees think they will be greatly impacted, compared to 50% with 500 or more employees. One reason could be that employees at smaller companies expect to work until an older age. While the average employee at companies with 500 or more employees is anticipating retiring from full-time work at age 63, the average employee at smaller employers is planning to retire at age 65.
Source: MetLife Press Release (April 7, 2008)

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