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Article: Employers eyeing voluntary benefits in tough economy; Cut Deeper.(Benefits Management)
- Article from:
- Business Insurance
- Article date:
- February 9, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: LOUISE ESOLA
While laying off workers and freezing salaries is a common way that businesses facing a tough economy are trying to control costs, they also are critically evaluating the voluntary benefits they offer, experts say.
Experts say employers are spending more time examining voluntary benefits, such as retirement health care and long-term disability, to possibly shift some company-paid benefits to voluntary status or trim voluntary benefits overall. Meanwhile, some employees are abandoning voluntary offerings in order to keep more money in their paychecks, they say.
"This is one topic our clients have in the air right now,'' ...