Nobody downloaded yet

Comparision of Retirement Plans for employees working in the private sector vs employees working in the public sector - Essay Example

Comments (0) Cite this document
Summary
There exists a difference between the retirement benefit plans for the employees working in public sector and their counterparts working in…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.8% of users find it useful
Comparision of Retirement Plans for employees working in the private sector vs employees working in the public sector
Read TextPreview

Extract of sample "Comparision of Retirement Plans for employees working in the private sector vs employees working in the public sector"

Download file to see previous pages The similarities and differences in the retirement benefit plans, including taxation of pension as well as the profit sharing plans, between the private and the public sector are critically analyzed and explored in detail.
According to Gucciardi (2009), the pension plans of the public sector workers are stable and offer the workers certainty during their retirement period. The public sector recently made changes in its plan to improve the benefits the personnel receive. The public sector employers are responsible for almost all the contributions made to the pension system on behalf of their employees. Generally, the public sector workers are responsible for less than one percent of the contribution costs with their employers responsible for in excess of 99 % (Gucciardi, 2009).
The private sector pension plan is different from the public one in that it is mainly based on defined contributions, unlike the defined benefit employed by public sector. Majority of private sector employers provide their personnel with the defined contribution plans. On the other hand, the majority of the public sector employers provide their workers with defined benefit plans (Gucciardi, 2009).
The public sector provides its employees with both the defined contribution as well as the defined benefit plan. Conversely, the current trend indicates that the private sector is shifting away from the defined benefit to defined contribution plan. Further, the public sector employees receive subsidized health insurance benefits upon retirement, whereas the private sector employers do not offer such benefits to their retirees (Falk, Acs, Carrington, Dahl, & Jimmy, 2012).
The number of private sector employers providing medical benefits to the retiree has declined considerably in the past decade. Over this period, the public sector employers have increased their medical benefits to the retirees despite the challenge of getting adequate funds to meet the ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Comparision of Retirement Plans for employees working in the private Essay”, n.d.)
Comparision of Retirement Plans for employees working in the private Essay. Retrieved from https://studentshare.org/miscellaneous/1601925-comparision-of-retirement-plans-for-employees-working-in-the-private-sector-vs-employees-working-in-the-public-sector
(Comparision of Retirement Plans for Employees Working in the Private Essay)
Comparision of Retirement Plans for Employees Working in the Private Essay. https://studentshare.org/miscellaneous/1601925-comparision-of-retirement-plans-for-employees-working-in-the-private-sector-vs-employees-working-in-the-public-sector.
“Comparision of Retirement Plans for Employees Working in the Private Essay”, n.d. https://studentshare.org/miscellaneous/1601925-comparision-of-retirement-plans-for-employees-working-in-the-private-sector-vs-employees-working-in-the-public-sector.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Comparision of Retirement Plans for employees working in the private sector vs employees working in the public sector

Public Sector vs Private Sector

...? Evaluation of projects - Public Sector vs Private Sector - BlueJay Manufacturing Evaluation of projects - Public Sector vs Private Sector - BlueJayManufacturing Project – Aims In BlueJay Manufacturing a project needs to be developed for supporting the training of employees in responding more effectively to customers’ orders. A project should be introduced for enhancing the development of a unique training program that meets specific criteria in terms of its cost, its duration and its quality (Olateju, Abdul-Azeez, & Alamutu, 2011, p.1). Evaluation of...
3 Pages(750 words)Research Paper

Working with employees

...include, theft, misconduct at work, alcoholism and womanizing. Defiant behavior is also a common behavioral problem among workers. All these behaviors affect productivity since theft robs the organization of its resources. Managers of an organization should be stern with such behavior in order to shun it completely at work. Misconduct may affect relations between workers and other parties, it is also an issue to the public image of the organization. If an employee is rude for example, or violent he might cause harm on clients and shun them away. Harm on other persons also imposes cost on the organization when the organization should be maximizing its revenues and...
2 Pages(500 words)Research Paper

Working in the healthcare sector

...the patient’s illness. In other cases, failure to communicate with family members and caregivers could result in patients missing appointments, thus hampering their health progress. For example, Hopkins (2004, p. 13) writes of Margaret, a patient who lives in a retirement house and depends on her daughter to take her to doctor’s appointments. As such, the daughter is activelyinvolved in a lot of Margaret’s healthcare decisions. Accordingly, Margaretmade sure to inform her doctor about her daughter’s involvement, otherwise she would never have attended the appointments. 3.0. Equal opportunity in providing care for patients In the process of providing healthcare to patients, it is paramount that professional practice equal...
4 Pages(1000 words)Assignment

Working in the Sport Sector

...determine his/her career goal in the beginning and strive to attain the goal through planning and implementation. Therefore, it is necessary to look upon how one can determine a career goal, develop a plan and strategies to achieve the goal and keep oneself ahead in the dynamic environment of job market. The present work discusses and exhibits the basic issues on career planning and development in detail and how one is able to develop a career plan who wish to attain a job in the sports sector. Preparing for a Career One can prepare for a career in a variety of ways. Some careers are normally entered through an apprenticeship,...
6 Pages(1500 words)Coursework

Employees Job satisfaction in Pakistan banking sector

...LITERATURE REVIEW, Salim has been an Account Manager at a local bank for the past four years. He has done every possible activity on the job, from getting photocopies and tea for his branch manager to acquiring big-ticket accounts for his branch. However, he does not look forward to getting up in the morning every day now. He does not sit with his colleagues anymore and lately his performance has been dwindling too. His manager has noticed that a high performing banker has now become an underperforming, timid employee. A discussion with him tells the manager that Salim does not feel like his job is contributing anything to his growth or the organization; he also feels that the job is not in tandem with his ideals and...
4 Pages(1000 words)Essay

Public Sector vs. Private Sector

...private sector union membership was 34.7%, more than three times as much as the public sector rate of 11.1%. In 2006, public and private sectors were seen to undergo and drastic change as union membership had shifted from 36.2% in the public sector to 7.4%. for the private sector (Guyton 210). When distinguishing public and private sector labor relations it’s important to distinguish between employee perspectives of their work environments. When asked to describe their...
2 Pages(500 words)Essay

Public Sector vs Private Sector

...Evaluation of projects - Public Sector vs Private Sector - BlueJay Manufacturing Project – Aims In BlueJay Manufacturing a project needs to be developed for supporting the training of employees in responding more effectively to customers’ orders. A project should be introduced for enhancing the development of a unique training program that meets specific criteria in terms of its cost, its duration and its quality (Olateju, Abdul-Azeez, & Alamutu, 2011, p.1). Evaluation of project – Methods In general, the evaluation of projects has three key parts: a) the identification of costs, b) the identification of outputs and c) the comparison of the findings related to the previous two phases (Marieta, Opreana & Pompiliu 2010, p.132... of specific...
4 Pages(750 words)Research Paper

Debunking Public vs. Private Sector Myths

..., the levels of unemployment are very high. The available jobs are not enough for every person to get a job(Mazzucato, 28). This implies that if all unemployed people decided to look for employment, only a small percentage would be lucky to get a job. Question e True. This is because the tax system is only progressive among the wage income earners but the progressivity decreases with increase in income. This is because the tax is based on income and it increases with increase of income up to a certain level where the money earned above the threshold is taxed in terms of a certain percentage. Work Cited Mazzucato, Marian. The entrepreneurial state : debunking public vs....
2 Pages(500 words)Coursework

Government vs. Private Sector

...Finance and Accounting: The Difference between Public and Private Sector Finance and Accounting There isa significant difference between public sector and private sector management of finance and accounting. In the “Government Finance Review,” Stephen J. Gauthier points out that as much as there are similarities in between the private sector and the public sector finance and accounting practices, some of the practices in the financial sector are not applicable to the private sector (Gauthier, 2010). It...
1 Pages(250 words)Coursework

Working With Employees Portfolio Assignment

...Working with Employees; An I/O Commentary on Real World Problem Greg Hunter is the general manager and the president of Hunter Company in California, United States. He was a bachelor degree graduate holder from Cornel University in Engineering and the founder of neither USAwatchdog.com, a site that is neither pro-Democrats nor Republican. The site keeps an eye on the government, financial interests and provide relevant media reports. Before founding the site, Greg worked for various organizations including his work as network correspondent and investigative for nine years. He also worked for ABC News and Good Morning America for six years. Greg is...
4 Pages(1000 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Comparision of Retirement Plans for employees working in the private sector vs employees working in the public sector for FREE!

Contact Us