Public employers, especially state and local governments, who employ by far the largest share of public employees, have a hard time filling positions in a tight labor market. At the same time, many public employees face financial difficulties.
Public employers, especially state and local governments, who employ by far the largest share of public employees, have a hard timein a tight labor market. At the same time, many public employees face financial difficulties. Employers often have only limited room to quickly raise wages, but they can provide meaningful benefits that can boost their employees’ financial security and help their own recruitment efforts.
My colleague, Beth Almeida, and I recently wrote a report summarizing the financial situation of public employees. We conclude that a substantial share of public employees face financial difficulties, but that public employers are particularly well equipped to address those challenges. After all, public employers have regularly offered a wide range of benefits on a cost-effective basis.
Using data from a wide array of nationally representative data sources, we summarize several financial security measures. Many public employees struggle financially. Almost 20% of public employees, for example, skipped health care because they could not afford it in the years before the pandemic. This likelihood was even greater among single women, people of color, and people without a college degree.
On the other hand, though, public employers already provide a wide range of benefits, which, together with other evidence, suggests that governments are well suited to reduce financial insecurity among their employees. Importantly, the overwhelming majority of public employees – 92% — had access to retirement plans from their employers in 2020. In most cases, those are defined benefit pensions.
Public employees also have access to a wide range of non-retirement benefits. These benefits ultimately help people reduce the costs of unforeseeable or hard-to-plan-for events. They include health insurance, paid family and medical leave, and life insurance. While a majority of public employees receive those benefits, a substantial minority does not, leaving them financially vulnerable.
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