Over the years, American companies have incorporated a wide range of employee benefits, ranging from laundry facilities and gym discounts to paternity leave. While the economy has struggled and salaries have plateaued or decreased, practical “perks” have become increasingly valued at part of a company culture. As a reflection of today’s reality, the aging of America’s population and the strain on the working “sandwich generation,” more and more companies are now offering elder care benefits.
According to the 2014 National Study of Employers by Families and Work Institute, which was funded by the Society for Human Resource Management, employers are offering more overall options for elder care support than in the past. After surveying 1,051 for-profit and nonprofit employers regarding changes in the workplace since 2008, the report found:
41% of employers offer Dependent Care Assistance Plans for elder care, the option to set aside a set amount of funds from each paycheck before taxes to pay for elder care expenses, as opposed to 23% in 2008.
7% of employers offer access to respite care, defined as short-term care given to a family member by another caregiver so the primary caregiver can rest or take time off. Although still a relatively small percentage, it is up from the 3% of employers who offered the benefit in 2008.
64% of employers with 1,000 or more employees offer some type of elder care services, while 37% of employers with 50 to 99 employees provide similar benefits.
53% of employers with 1,000 or more employers offer Dependent Care Assistance Plans, while 38% of smaller companies do.
Continue reading ELDER CARE BENEFITS AT WORK: A GROWING TREND?