5 Common Workplace Benefits — and 3 That Are Dying Out

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For 20 years now, the nonprofit Worker Profit Analysis Institute has surveyed workers about their advantages — delving into their understanding, satisfaction and confidence ranges relating to their advantages.

Maybe essentially the most fascinating a part of the survey, although — not less than to employees — is solely what number of firms supply varied advantages are nowadays. You should use such info as a barometer towards which to guage the advantages your present or future employers supply.

For EBRI’s newest annual Well being and Office Advantages Survey, round 1,500 American employees, towards 21 to 64, have been polled.

The prevalence of office advantages

Based on the newest survey, 5 advantages have turn into extra widespread lately. They’re:

  1. Medical insurance: 67 p.c of workers report that their employers supplied this profit in 2017 (up from 63 p.c in 2013)
  2. Dental insurance coverage: 59 p.c (up from 54 p.c)
  3. Retirement financial savings plan: 57 p.c (up from 53 p.c)
  4. Life insurance coverage: 50 p.c (up from 47 p.c)
  5. Imaginative and prescient insurance coverage: 49 p.c (up from 44 p.c)

Two different advantages — a well being financial savings account (which 22 p.c of employers supplied in 2017) and accident insurance coverage (15 p.c) — have turn into extra widespread since 2015. EBRI has not been monitoring these advantages so long as others, although, so the group doesn’t have 2013 knowledge on them.

Three advantages have turn into much less widespread lately. They’re:

  1. Conventional pension: 26 p.c of workers report their employers supplied this profit in 2017 (down from 29 p.c in 2013)
  2. Lengthy-term incapacity: 29 p.c (down from 32 p.c)
  3. Quick-term incapacity: 36 p.c (down from 39 p.c)

Apparently, although, conventional pension charges have risen a bit since 2015 — 26 p.c of firms supply such plans now in contrast with 22 p.c of firms in 2015.

This yr, EBRI additionally checked out two different advantages, paid go away and pupil mortgage help. Their prevalence is:

  • Paid trip time: 84 p.c of workers report their employers supplied this profit in 2017
  • Paid sick go away: 71 p.c
  • Paid maternity go away: 45 p.c
  • Paid paternity go away: 26 p.c
  • Scholar-loan-debt aid/compensation help: 13 p.c

Understanding office advantages

Many workers have a lackluster understanding of their job advantages, EBRI discovered.

Solely 52 p.c of workers say they perceive their well being advantages “extraordinarily nicely” or “very nicely.” The remaining say they perceive them “considerably nicely,” “not too nicely” or “under no circumstances nicely.”

The numbers are worse for nonhealth advantages, with solely 43 p.c of workers saying they perceive them “extraordinarily nicely” or “very nicely.”

This might stem from the truth that lower than half of workers say their employers supply schooling or recommendation about advantages, corresponding to how medical health insurance works or the best way to make investments cash in a retirement plan.

Notice that these numbers mirror what workers imagine to be the case. When you really feel your employer has not offered advantages info that you just want or need, be sure you have requested for any obtainable info. Failing that, ask the advantages firm to give you or direct you to info.

What’s your tackle the prevalence of job advantages right now? Hold forth under or over on our Fb web page.

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