The US inflation rate last year was “officially” 2.1% — but arguably higher — while the average pay hike was just 2.9%. 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 — unknowingly 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 401(k) match is 3%, so employees taking advantage of it for the first time essentially doubled their pay raise — if only for a year.
Photo Credit: Kathleen Waters Photography