Who should have the primary responsibility for providing retirement income—employers or employees? You've learned the basics...

Who should have the primary responsibility for providing retirement income—employers or employees? You've learned the basics of accounting for retirement plans, and you know that companies are moving away from traditional pension plans and shifting the investment risk to employees by offering defined contribution plans. Is this a good idea for the economy? For society? For employees? For employers?

Expert Solution

It is a collective responsibility of both , the employer and the employee , to take care of the retirement income of the employee.

However if some employee.has been a part of the organisation for a very long number of years and has contributed towards its success and stayed there till his retirement, it is the responsibility of the employer to provide such employees with retirement benefits. If we think about the employers, the employee would prefer an employer wo provides fixed pension after his retirement.

For the economy, this is not a good idea since if the companies will not be providing proper retirement benefits , the expenses for the unemployed and retired will have to be borne by the government , the purchases and demand will reduce.

For society with a large number of retired people , this is not a good idea as it will reduce the standard of living of the people because of inhibition of reduced income because of risk in investments.

For employee also, this is not a good idea as after retirement , the retirement benefits provided by the employer is the major source of income for them. Of that is also not a fixed amount , and there is risk involved in the receipt of amount , the employee will not feel secure about the future

ekkarill92 answered 2 years ago

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Who should have the primary responsibility for providing retirement income—employers or employees? You've learned the basics...

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