Posted October 12, 2018 06:11:14A new survey from Vivint Security Systems shows that over the past five years, nearly half of the world’s workers are paying higher salaries than they are retiring from their jobs.
The survey, commissioned by Vivint, found that in the last five years of the global financial crisis, almost half of all workers had to pay higher salaries for the same job.
The average monthly salary of an employee with a three-year contract with a US-based company was $6,865.
That number increased by nearly 20 percent to $6.6 million for a similar job in India, up from $3,500.
In China, the average monthly wage of an employer with a two-year employee contract with an Asian nation rose by a staggering 50 percent from $2,250 to $3.7 million.
The gap between the wages of workers who have to retire at retirement and those who do not is a huge issue for employers in the global workforce.
The Vivint survey shows that many workers are choosing not to retire when they are ready and are forced to pay a higher salary than they can afford.
The median annual salary for workers in the US with a five-year employment contract with the healthcare giant WellPoint jumped from $52,600 to $67,200 in the past three years.
In China, a similar trend emerged: The median annual wage for workers with a six-month contract with Beijing-based healthcare giant CGH rose from $43,700 to $56,100 in the same time period.
While some of the increases are due to more flexible contracts, the median annual income of employees with a one-year contracts with WellPoint in China rose from just $12,000 to $16,700 in the first quarter of 2019.
The report also found that nearly half (48 percent) of all employees had to work longer than the average six months to retire from their current job.
Only 8 percent of employees had less than six months of employment.
The financial crisis hit the global economy hard, with job losses of nearly 5.5 million workers worldwide in the five years ending in March 2019.
While the financial crisis may have left workers with lower salaries, some are choosing to take a pay cut to save money.
In the US, the unemployment rate for employees with at least six months experience of work was nearly 10 percent last year, the highest level since the Great Recession in 2008.
While workers are struggling to make ends meet, a number of companies are starting to make it easier for their employees to retire.
In India, two of the top three healthcare companies in the country, India’s largest and the second-largest in the world, have made it easier to retire, including a new program that offers employers up to three years of paid leave.
India’s National Institute of Medical Sciences has also begun offering up to four months of paid time off for employees who have at least four years of experience.