RETIREMENT SECURITY REQUIRES MORE THAN PIXIE DUST
Retirement security for low-wage workers is essential at a time when companies are eliminating defined benefit plans, reducing the value of benefits, or shifting the cost of providing retirement benefits onto workers through a 401(k) plan. The fact of the matter is that low-wage workers often can not afford to accrue significant savings to provide a cushion for retirement. The low savings rates endemic among low-wage service workers make a defined-benefit plan vital to avoiding the specter of retired Disney employees facing old age in poverty.
Nearly half of Walt Disney World’s full-time hourly workforce has over five years of service on the job. Many workers have invested between 10 to 35 years of service with the company. In the past, decent wages and benefits have made the difference in attracting a long-term stable workforce to WDW – this benefits workers and the surrounding Orlando community.