A recent survey done by Pew Charitable Trusts has revealed that Wyoming workers are more likely to take advantage of the retirement benefits saving plans. The survey also stated that people who are better educated and have full-time jobs have more access to the benefits than the uneducated workers or the part-time workers.
Numbers Speak of Retirement Benefits Savings
The study was based on the figures offered by the Minnesota Population Center. The Minnesota Population Center analyzed the data collected by the U.S. Census Bureau during 2010-2014. The study stated that 63% of Wyoming workers have access to retirement benefits from their employers. Out of that 63%, about 52% participate in the retirement plans. Only 11% don’t participate in it.
On the other hand, nationally, 58% of workers have access to retirement plans but only 49% participate in one. The gap here is 9% only. The reason behind the 9% and 10% gap is that sometimes the employers expect the workers to contribute a portion of their earnings, says the Director of the Retirement Savings Projects at Pew, Mr. John Scott.
Educated Workers have more Access to Retirement Benefits
The survey also revealed that 65% of Wyoming workers who have a bachelors’ or higher degree have the option of signing up for a retirement benefits scheme. On the other hand, just 46% of high school diploma workers of Wyoming have access to these benefits.
High Pay leads to Higher Retirement Benefits
Scott also stated that pay and benefits go hand in hand as far as the retirement plans are concerned.
Full-Time Workers Get Better Benefits
Senior Economist for Wyoming Research and Planning, Mr. David Bullard has stated that Wyoming employers offer better benefits to full-time workers when compared to part-time workers. Data states that about 78% of full-time jobs in the state offer the retirement benefits.
Retirement Plan offered by 30% of Employers
The survey also found out that about 30% of employers offer a retirement benefits plan. The number may seem a bit low, but it covers a lot of workforce population, says Bullard. He also added that as large employers usually offer better retirement plans, most people prefer to work with large employers.
The Prediction
Some local economists are also predicting that the number of people receiving these retirement benefits may reduce due to the current economic conditions but most Wyoming workers would succeed in holding onto their retirement benefits.
