The official US inflation rate in 2011 was “officially” 3.2 percent, but arguably higher, while the average pay hike was just 2.9 percent. Maybe that’s why, when it comes to job complaints, surveys show that employees grouse about their paltry paychecks more than anything else. Ironically, 29% of all workers — and 43% of twenty-somethings — turn down free money each year because they don’t contribute enough into their 401k retirement plans to qualify for the full company match.
The bottom line: The average 401k match is 3 percent, so employees taking advantage of it for the first time in 2011 essentially doubled their pay raise — if only for a year.
Photo Credit: Kathleen Waters Photography