Time & Attendance
By Staff Report
Oct. 22, 2009
The value of employer contributions to retiree pension and health care plans fell to 6.9 percent of employee pay from 7.8 percent from 2002 through 2008, according to an analysis of 183 employers by Watson Wyatt Worldwide.
According to the analysis, the value of total retirement benefits provided by the 79 companies in the study’s sample that offered a defined-benefit plan throughout the study period dipped to 8.6 percent of pay from 9.4 percent between 2002 and 2008, mostly because of significant cuts in post-retirement health benefits, according to Arlington, Virginia-based Watson Wyatt.
For the 43 companies in the sample that switched to defined-contribution plans from defined-benefit plans during the study period, the value of contributions to retirement plans dropped to 5.5 percent of pay in 2008 from 8.7 percent of pay in 2002, according to the analysis, which was released Wednesday, October 21.
For the 61 companies in the sample that offered only a defined-contribution plan during the period, the value of contributions rose to 5.6 percent of pay from 5.3 percent, the analysis showed.
The analysis is available at www.watsonwyatt.com.
Come see what we’re building in the world of predictive employee scheduling, superior labor insights and next-gen employee apps. We’re on a mission to automate workforce management for hourly employees and bring productivity, optimization and engagement to the frontline.
Staffing ManagementManaging employee time-off requests: A guide for business owners
Summary Vacation, sick time, PTO banks, and unpaid leave are only a few forms of employee time off — Mo...
TechnologyLabor analytics: A how-to guide for company leadership
Make sure to start small, clean your data, use data from a variety of sources and use desired business ...
data analytics, employee data, HR Tech, people analytics, talent management
TechnologyWhy tattleware isn’t the solution for underperforming teams
If your employees can take their smartphones out of their pockets to circumvent your efforts, how can y...
employee monitoring, HR technology, tattleware