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Benefits 2.0
Empowering workers: tackling areas where benefits fall short
Employers in the US manufacturing sector spend $260 billion on benefits—an immensely valuable investment for workers, employers and the broader economy. But while there are many positives for the sector, data shows some crucial gaps across health insurance, retirement, and family planning and care benefits.
These insights are based on an Economist Impact survey of US workers, national benefits data and an economic model. The survey included 1,500 full-time workers across medium to large companies, including 500 in the manufacturing sector.
Top three gaps in benefit provision
1. Health insurance
Nearly half (43%) of manufacturing workers say they are not healthy enough to do their job effectively This rises to 64% among those from American Indian, Alaska Native, Hawaiian, Pacific Islander or mixed race backgrounds. |
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Rising costs and limited insurance coverage present widespread challenges for workers in the manufacturing sector.
Although manufacturing companies spend $106 billion on health insurance, workers shoulder another $54 billion in health costs. For many, this is a heavy burden.
1 in 3
say their premiums, deductibles, and copayments for health insurance are very expensive
1 in 5
manufacturing workers say they need to buy supplemental insurance to cover their needs
Nearly half
are not confident they can afford the healthcare their family needs
2. Retirement
Retirement benefits are not inspiring confidence among younger workers Overall, manufacturing workers ranked retirement plans as their most important benefit—especially older workers. However, younger workers remain pessimistic. |
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3. Family planning and care
Benefits are unavailable to more than 40% of manufacturing workers—the largest gap across benefit types Access to family planning, caregiving and parental leave benefits is in short supply, but these are a top priority for parents and mid-career professionals. |
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Disclosure statement:
Nuveen and Economist Impact, or any of their affiliates or subsidiaries are not affiliated with or in any way related to each other.
This material, along with the views and opinions expressed within, are for informational and educational purposes only as of the date of production/writing and may change without notice at any time based on numerous factors, such as market, economic or other conditions, legal and regulatory developments, additional risks and uncertainties and may not come to pass. All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty (express or implied) as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information, and it should not be relied on as such.
Nuveen, LLC provides investment solutions through its investment specialists.
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