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Retirement Benefits & Small Businesses

Date: 12/18/2006 | Category: Business | Author: developers

A recent study conducted by Harris Interactive found that only 14% of small-business owners offer a 401(k) plan to their employees, and 63% do not offer any retirement benefits at all.  With small businesses employing half of all private-sector employees, their inability or lack of desire to provide retirement options  to their employees can have a significant impact on the workforce and their preparedness to deal with retirement.

Reasons cited as to why small-businesses do not offer retirement benefits included:

  • Didn’t have enough employees to make it worthwhile – 54%
  • Financial inability to match employee contributions – 28%
  • Unstable business circumstances – 26%

While setting up a retirement program for a small-business can be time-consuming, it does have its benefits.  The primary one being that it can make your company more competitive with larger companies that offer such benefit packages to their employees.

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