Two in Three Private Workers Offered Retirement Plan

Fully two-thirds (66%) of private industry workers were offered a retirement savings plan in March, the Bureau of Labor Statistics found in its National Compensation Survey. Among workers in the lowest wage category, the 10th percentile, only 31% had access to a retirement plan. By contrast, among those in the highest wage category, the 90th percentile, 88% had access to a retirement plan.

In state and local government, 99% of full-time workers had access to retirement and medical care benefits, and 98% were offered paid sick leave. For part-time workers in state and local government, 39% had access to retirement benefits, 24% to medical benefits and 42% to paid sick leave. Among state and local government workers in the lowest wage category, 61% had access to retirement benefits, versus 98% of workers in the highest wage category.

As to what percentage of medical coverage premiums employers required their workers to pay, among private industry nonunion companies, the single coverage requirement was 23%, and the family coverage requirement was 35%. For union shops, the single coverage requirement was 13% and for family coverage, it was 16%.

Paid holidays were offered to 90% of full-time and 37% of part-time workers in private industries. In state and local government, 74% of full-time and 30% of part-time workers had such access.

Access to benefits differed widely among occupational groups, the Bureau of Labor Statistics said. Eighty-seven percent of workers in management and professional jobs in private industries had access to medical care, compared to 41% of those in service occupations. In state and local government, the figures were 89% and 82%, respectively.

Among companies with fewer than 50 employees, 53% of civilian workers were offered medical coverage, but for those employing 500 workers or more, that jumped to 90%.

The Bureau of Labor Statistics said its benefits survey represented 131 million civilian workers. Of this number, 112 million were private industry workers and 19 million were state and local government workers.