Work for a Pension or a Portfolio?

[latexman]

Well, it appears I opened a can of worms. I apologize for that. It's really not something worth fighting about, you guys.

No problem. One of my few hot buttons is inequality/prejudices. I just can’t let it pass, even if unintentional or theoretical. I agree, it’s not worth fighting about, but it is worth discussing.

 

[Chuckanut]

Plenty fair? If women were paid equally, yes, but . . .

“On average, women working full time, year round are paid 83.7% of what men are paid.” BOL.gov

“The gender gap in pay has remained relatively stable in the United States over the past 20 years or so. In 2022, women earned an average of 82% of what men earned, according to a new Pew Research Center analysis of median hourly earnings of both full- and part-time workers.”

Try again.

Every place I’ve worked at in my 40 Years of work has paid male and female the same. Do the same work, get the same pay. Public and private sectors.

Not looking for a fight. This is what I’ve experienced.

 

[Gumby]

I've had exactly the same experience.

 

[Philliefan33]

Every place I’ve worked at in my 40 Years of work has paid male and female the same. Do the same work, get the same pay. Public and private sectors.

Not looking for a fight. This is what I’ve experienced.

What I experienced in Megacorp was everyone was hired at the same salary, but annual merit raises (or not) were determined by department managers.

One year I was told by a friend (who was in the room when it happened)that when it got down to the last bit of raise money, the manager was deciding between me (female) and a male coworker. The male coworker got the raise because “he is supporting his family, Philliefan has a husband who does that”.

 

[MRG]

Every place I’ve worked at in my 40 Years of work has paid male and female the same. Do the same work, get the same pay. Public and private sectors.

Not looking for a fight. This is what I’ve experienced.

Oh my..

I inherited two sysadmin people, one F, other M. They had the same title, one had done the job longer and defined their roles, and the other was easier to work with.

In any case, I was called to the compensation director because the M made $250 annually more. I explained the legacy to the best of my ability. Once that proved impossible, I asked for more compensation for the F and guidance on how future compensation should be decided. Am I to pay everyone with the same title exactly the same? What about newbies at a title vs. senior people. They shut up.

 

[latexman]

Every place I’ve worked at in my 40 Years of work has paid male and female the same. Do the same work, get the same pay. Public and private sectors.

Not looking for a fight. This is what I’ve experienced.

Same here. I was in HR for a few years, so I know. 3 MegaCorp chemical companies in 44 years. But, then they can afford to pay good salaries, and do the right thing. It’s not like that everywhere. That’s why BOL and Pew report statistics on it. Since we know it doesn’t happen in our work places, it must really be bad in other places.

 

[Gumby]

Or it could be that women are concentrated in lower paying occupations, like preschool teachers. You will not find many male preschool teachers.

 

[pb4uski]

What I experienced in Megacorp was everyone was hired at the same salary, but annual merit raises (or not) were determined by department managers.

One year I was told by a friend (who was in the room when it happened)that when it got down to the last bit of raise money, the manager was deciding between me (female) and a male coworker. The male coworker got the raise because “he is supporting his family, Philliefan has a husband who does that”.

When I was a manager I was very cognizant of gender equality with respect to compensation... both raises and bonuses as well as overall comp. Totally based on merit and performance... the last sentence above would have never crossed my mind (because it is bullsh!t).

 

[lucky penny]

Same here. I was in HR for a few years, so I know. 3 MegaCorp chemical companies in 44 years. But, then they can afford to pay good salaries, and do the right thing. It’s not like that everywhere. That’s why BOL and Pew report statistics on it. Since we know it doesn’t happen in our work places, it must really be bad in other places.

Good point.

 

[aaronc879]

Every place I’ve worked at in my 40 Years of work has paid male and female the same. Do the same work, get the same pay. Public and private sectors.

Not looking for a fight. This is what I’ve experienced.

Same.

 

[4legsgood]

I find the spousal SS benefit and subsequent survivor benefit with a 10 year married requirement to be a flaw. If it's about raising kids, 10 years isn't enough, obviously.

 

[Koolau]

So, very interesting discussion.


In any case, Megcorp had a modest pension but (usually) a good 401(k) plan. I w*rked hard for both - and eventually (after fits, starts and mistakes) ended up with a decent portfolio when I retired. SO, that was the 3 legged stool along with SS - and here I am - with enough.

 

[brett]

So, very interesting discussion.


In any case, Megcorp had a modest pension but (usually) a good 401(k) plan. I w*rked hard for both - and eventually (after fits, starts and mistakes) ended up with a decent portfolio when I retired. SO, that was the 3 legged stool along with SS - and here I am - with enough.

Same for me. Over my working life I changed careers, had seven employers, including Government Pension was not a deciding point on any of them. Some had pensions, some did not. One had a DB plan when I started but converted it to a DC plan 15 years in.

I would never depend on any pension at the the start of a career. Better to build there stools as above when possible. Things can change between your first job and your last job, and everything in between.