A study by Towers Watson provides
compelling reason for US workers aiming to retire comfortably to
rely more on their own initiatives and less on those of their
employers.
In its study, the professional
services company found that from1998 to 2008 the value of total
retirement benefits provided to new, salaried employees in eight
major industries fell 19%, from 7.88% of pay to 6.36% of pay.
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Total benefits include defined
benefit and defined contribution plans, retiree medical and retiree
life insurance plans.
The biggest cut in employer
contributions were in the retail and wholesale sector which
reflected a 33% fall.
This was followed by a 29% fall in
the manufacturing sector and a 24% fall in the energy, natural
resources and electric sector.
The only sector to enjoy higher
employer contributions was services which reflected a 3% rise.
