New research conducted on behalf of the Employee-owned S Corporations of America (ESCA) by the Rutgers Institute for the Study of Employee Ownership and Profit Sharing finds that workers without a bachelor’s degree have higher earnings in jobs with an employee stock ownership plan (ESOP) than in non-ESOP jobs. They also report higher household wealth and greater access to employer-provided benefits.
Among the report’s key findings:
Full-time workers without a bachelor’s degree earn 15.3% more in ESOP jobs. They earn an average of $80,091 per year in ESOP jobs, compared with $69,458 in non-ESOP jobs, an annual difference of $10,633. The earnings advantage appears across gender, race and ethnicity, and rural and urban communities.
ESOP workers report greater household wealth. Full-time workers without a bachelor’s degree in ESOP jobs report median household net worth of $93,500, compared with $79,640 among their non-ESOP counterparts.
ESOP workers report stronger access to employer-provided benefits. More than 95% of ESOP workers report access to both medical insurance and a retirement plan, compared with 81.9% and 75.0% of non-ESOP workers, respectively.
Read more at: https://www.prnewswire.com/news-releases/rutgers-study-finds-employee-ownership-delivers-stronger-financial-security-for-workers-without-four-year-college-degrees-302880795.html