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Many of those workers received matching contributions from their employer, which gets to the second part of the Obama plan.
It was financed by a $457,000 grant from the United States Department of Commerce, with matching contributions from local foundations and banks.
Personal accounts supplement this, into which individuals may put money over their working lives, encouraged by matching contributions from the state.
Such schemes, which typically attract tax breaks from governments and matching contributions from employers, are usually in the best interest of workers.
More significantly, the president wants to allow employees to sell any company stock held in a 401(k) plan after three years, including shares received as matching contributions from the employer.
At the same time, wages at the lower end of the scale tended to rise disproportionately fast, making unskilled labour increasingly unattractive to employ.The effect on labour costs was magnified by the way the country finances its welfare state: through a payroll tax with matching contributions from individuals and employers.
Similar(43)
He suggests replacing the current deduction for retirement saving with, say, an 18 percent matching contribution from the federal government for every dollar put into a tax-preferred retirement account.
The government offered to match contributions from homeowners.
This matches contributions from private, corporate and social donors, he added.
UNICEF could use the provision of supplies to match contributions from the community, the GOs and NGOs.
Consider matching contributions to employees.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com