According to recent monthly Labor Department job statistics, Blacks, women and Hispanics have moved on up and almost out of the jobless category. Self-empowerment-minded people already tend toward the opinion that they individually prosper when their employer makes a 401-retirement program available.
The Wall Street Journal reported (“Tax Break Flows To Some 401(k)s”): “A growing number of companies plan to use some of the savings they expect to realize from the tax overhaul to boost their contributions to employees’ 401(k) retirement-savings accounts.
“About a dozen companies, including Visa Inc. and Nationwide Mutual Insurance Co., have announced plans to raise the payments they make to match employee contributions to 401(k) accounts. Others have said they would make a one-time contribution to employeess retirement plans.
“The change in the tax law, which cut the U.S. corporate tax rate to 21% from 35%, is the latest in a series of factors that are motivating companies to raise their 401(k) contributions.
“The average company contribution to a 401(k) plan rose to an estimated 4.7% of employee salaries in 2016 from 3.9% in 2015, according to mutual-fund company Vanguard Group.”
Combined with the U. S. government’s new innovative tax cuts, many more employees will probably give 401(k)s a second look. Little by little, self-empowerment is becoming the foundation piece of the U. S. free-market economic system.