- New Report Reveals Who Lacks Access to Retirement Savings
- Citigroup Cuts Some Executive Bonus Payouts
- John Deere Investors Reject Anti-DEI Proposal
- Audi to Cut 7,500 Jobs by 2029
New Report Reveals Who Lacks Access to Retirement Savings
A new study from the Georgetown University Center for Retirement Initiatives found that 59 million of U.S. workers as of 2023 are estimated to lack access to retirement savings through their workplaces. The analysis includes both part-time and full-time private sector workers over the age of 18, describes workers are “employees” as defined by the Bureau of Labor Statistics (BLS), and excludes gig workers and independent contractors.
Additionally, the study found 63% of private sector workers at small firms (defined as those
with fewer than 50 employees) are estimated to lack access through their workplaces, compared to 34% at larger firms (defined as those with 50 or more employees).
The study also breaks down state-facilitated retirement savings program and analyzes the results from three early-adopter states: Oregon, Illinois and California. The research showed that in addition to access gains through an Auto-IRA program, each of these states saw an increase in private plan formation in response to this requirement.
Citigroup Cuts Some Executive Bonus Payouts
As reported by Bloomberg, Citigroup Inc. reduced bonuses to about 250 top executives in the final round of the “Transformation Bonus Program,” a three-year special bonus program that tied their compensation to the bank’s progress on risk and regulatory matters.
According to a proxy filed March 18, Citigroup paid out 68% of the target for 2024, compared to 94% for 2022 and 80% the following year.
“Citi has acknowledged that, despite making important progress in advancing the transformation, including remediating the consent orders, there were areas where we have not made progress quickly enough, such as in our data quality management related to governance and regulatory reporting,” the bank said in the filing.
Bloomberg reported the program was intended to link pay with meeting regulator’s demands, milestones reviewed by internal auditors and “culture change” as determined by an employee survey.
John Deere Investors Reject Anti-DEI Proposal
At their annual meeting Feb. 26, investors in farm equipment manufacturer company John Deere voted against a resolution that was intent on ending its diversity, equity and inclusion (DEI) efforts.
Reuters reported only 1.3% of votes cast were in support of a resolution calling on the company to report on racial and gender hiring statistics "to prove it does not practice discrimination."
The anti-DEI proposal was drafted by the National Center for Public Policy Research, a conservative think tank. The same proposal, created in response to President Donald Trump’s executive orders to remove DEI policies, was earlier rejected by Costco and Apple.
Audi to Cut 7,500 Jobs by 2029
German carmaker Audi announced March 17 it plans to cut up to 7,500 jobs at its German sites by 2029. CNN reported the cuts are part of a broader plan to reduce costs and help Audi transition its production to electric vehicles. According to Audi, the job cuts represent about 8.6% of its global workforce.
The company said in a statement “economic conditions are becoming increasingly tougher” and that “competitive pressure and political uncertainties are presenting the company with immense challenges.”
Audi’s owner Volkswagen previously announced it would cut up to 35,000 jobs by the end of the decade.
Editor’s Note: Additional Content
For more information and resources related to this article, see the pages below, which offer quick access to all WorldatWork content on these topics:
-540x230.jpg)
