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April 2021   Volume 19, Number 4        
 

This Just In ...

Pandemic Fears Are Changing Employee Benefit Preferences

The COVID-19 pandemic has not only changed the way people socialize and do business, but it’s also influenced what workers want in employee benefits during 2021.

A Global Benefits Attitudes Survey by advisory company Willis Towers Watson found that what 53 percent of the respondents wanted most from their employers was help saving for retirement. The four most popular retirement savings options were:

  • A guaranteed retirement benefit
  • More generous retirement benefits in exchange for other benefits and less pay
  • Retiree medical benefits
  • Access to multiple savings and investment products

A 2020 survey conducted by MetLife found that 76 percent of employees were worried about how the pandemic is affecting their financial and psychological wellbeing.

Specifically, the survey found that even though employees rely on employers as a social safety net, as many as four in 10 felt their employers were not providing enough benefits. These employees wanted more, such as financial assistance, enhanced sick leave, flexible work schedules, and childcare assistance.

The challenge is keeping benefit costs low while offering more options. The Global Survey indicated that more than a third of respondents cited reducing benefit costs as their top benefits priority, followed by receiving greater benefits security from employers.

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In this issue:

Pandemic Fears Are Changing Employee Benefit Preferences

Federal Government Allows 401(k) Distributions for Birth or Adoption

Individual vs. Group Long-Term Care Coverage for Employees

HealthCare Options for Unemployed Workers

COVID-19: Do You Have Liability?

 

 


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