In Brief: Workers Are Getting More from Retirement Benefits
U.S. retirees are collecting more in retirement income today from employer-sponsored plans than in the mid-1970s, according to a report by the Investment Company Institute. The research found that in 2011, 33 percent of retirees received retirement income from private-sector retirement plans, compared with 21 percent in 1975. The median income from those retirement plans in 2011 was $6,300, compared with $4,700 in 1975 (in 2011 dollars).
NO 'FREE' FALL
A lack of protection from falls ranks as the most frequently registered safety violation in fiscal year 2012, according to the Occupational Safety and Health Administration. Other common infractions include problems with communicating the presence of hazardous materials, scaffolding issues and lack of respiratory protection.
LITTLE SCORES BIG
Worried that your company can't pass out big bonuses at the holidays? Don't fret: Most U.S. workers are happy to receive small gifts as a token of appreciation, according to a study by Parago Inc. The online poll found that 69 percent of employees don't expect to receive anything from their employers this year, while 61 percent they'd be thrilled with just a $25 prepaid gift card. Eighty-five percent said a gift card of $100 or less would do.
The maximum amount of income subject to the Federal Insurance Contributions Act (FICA) tax will rise to $113,700 from $110,100 as of January 2013, the Social Security Administration has announced. The agency recommends employers make adjustments to their payroll accordingly and inform employees of the change.
California recently joined Illinois and Maryland in prohibiting employers from requiring access to current employees' and job candidates' social media sites. Gov. Jerry Brown signed a law that will bar employers from asking for usernames and passwords for social media accounts or access to the accounts in the presence of the employer. The law also bans employers from punishing workers who fail to comply with a request for social media information.