Keeping pace? Financial insecurity in the modern workforce was commissioned by Income Protection provider Unum, to investigate whether employee benefits have kept pace with the demographic changes in today’s workforce. It shines a light on the financial insecurity that today’s employees face against the backdrop of a potential triple dip recession.
It finds significant gaps have opened up between employer-provided benefits and the protection required by the modern workforce. As a result, today’s employees are less financially secure than they were 30 years ago.
The reduced financial protection is due to falling real wages; the decline in generous occupational pensions; reduction in statutory labour market protection and the continued reform of state welfare benefits.