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Recent studies indicate that the provision of a retirement
savings plan may be an important consideration in an
employee’s decision to join a company: “Sixty-three per cent
of respondents say that it is unlikely that they would work
for an employer who did not sponsor a retirement plan.”
These plans are held in such high regard, in fact, that:
“Seventy-three per cent say they would rather have an
employer-sponsored retirement savings plan than a raise in
pay.”
Employees know they will probably be entitled to a minimum
level of government benefits. They may develop a personal
savings plan to supplement those benefits but often they
either begin one too late in life or find it difficult to set
up such a plan. Consequently, employer-sponsored retirement
plans meet their retirement needs by providing another source
of income and financial security.
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