The most obvious major advantage of part-time work is having more free time to do other things. There was a maximum amount the employer would contribute, but that amount declined as the employee's contribution declined. Ultimately, parents need to consider how much time away from their children they are willing to trade for additional income. The remainder are only about 74 percent funded.
The total income from both positions might provide a greater total income than if he held just a single full-time position. And given that many salaried, full-time positions often require 50 to 60 hours of work per week, the individual could still come out ahead in terms of working fewer total hours.
Study after study has revealed how perennially tired and "worn out" many full-time workers feel. And a frequent complaint of full-time employees is one of not having sufficient free time for exercise or outdoor activities.
Part-time employment offers the opportunity to get back in the gym or get outside more and enjoy the sunshine. Not having to respond to an early morning alarm clock five or six days a week can substantially reduce stress levels and markedly improve the odds of getting an ample amount of sleep and rest.
Even the fact that working only part time sometimes necessitates scaling back one's lifestyle can be beneficial. Many people report reduced financial stress as the result of having to lower their bills to get by on just a part-time income.
Part-time employment offers the opposite of lifestyle inflation , the phenomenon by which one's expenses tend to expand with one's income. Once people make the adjustment to a slightly lower standard of living , they often find working part-time and getting by on less income to be a favorable trade-off as compared to the demands of working full time.
Part-time employment makes it easier to find the time for things such as doctors' appointments or just everyday tasks that include doing laundry, going grocery shopping or getting an oil change for the car.
For people for whom family is of primary importance in their lives, working part time can be ideal. One of the most recognized disadvantages of full-time employment is the time taken away from relatives. An employee working full time from 9 a. Also, the extra cost of things such as day care services may exceed the extra money earned by working full-time. Ultimately, parents need to consider how much time away from their children they are willing to trade for additional income. Although a certain level is, of course, required to provide for family, beyond that basic financial requirement, the additional hours required by full-time work may at some point come to be an unacceptable trade-off.
A certain level of income is required to provide for family members, of course, but beyond that basic financial requirement, the additional work hours required for full-time positions, many of which are salaried positions that actually require 50 to 60 hours work per week or more, may at some point come to be an unacceptable trade-off. One possible situational advantage to part-time work lies in the area of transportation costs.
If a person can readily find part-time work near his home, but can only obtain a full-time position by commuting daily an hour or more, he may be able to recoup a substantial amount of the differential in income through transportation cost savings in the form of spending less for gas and overall vehicle maintenance.
Also, auto insurance companies usually base premium rates in part on how many miles a person drives back and forth to work each day, so the substantial reduction in miles can represent savings in auto insurance premiums. Maverick Updated March 20, — 8: More Free Time to Pursue Other Projects and Activities The most obvious major advantage of part-time work is having more free time to do other things.
Opening Doors to New Job Opportunities Accepting part-time work can sometimes provide a way for an individual to get his foot in the door, so to speak, when there is no full-time position available.
Opportunity to Earn More Money It may sound paradoxical, but working part-time can actually sometimes enable an individual to make more money — especially if he balances a couple of different jobs. This, combined with an increase in the percentage of workers who are employed part-time, means that, increasingly, workers need to provide for their own retirement.
The history of employment benefits in the U. The first benefit plan for employees was initiated in by the American Express railroad company. Even by present-day standards, the benefit plans of the several corporations that followed American Express's example were not generous.
Usually, you needed to work for a minimum of 20 years to be vested in the plan. In , the Social Security Act dramatically increased the number of workers eligible for benefits and eliminated the vesting requirement entirely. Gradually, and especially in the post-WWII period, corporate benefit plans became more generous and relaxed vesting requirements. In , nearly half of employees in the private sector were covered by a pension plan. This trend continued until sometime in the late s.
During the Reagan administration, union and other benefit plans began to shrink. One of the defining differences between the era of generous pension benefits and the relatively laissez-faire benefit situation prevailing in was the Revenue Act of Until then, pension benefits were defined by the employer's guaranteed contribution.
The k plans that followed required employee contributions as well. There was a maximum amount the employer would contribute, but that amount declined as the employee's contribution declined. Effectively, there was no longer a guaranteed pension.
Gradually, more and more employers shrank their k plans, eliminated them, or, with newer businesses starting up, never offered them to begin with. Employment benefits for full-time workers vary widely. Some corporations still contribute to k plans, regardless of employee contributions. In general, however, the amount of the employer contribution depends on the employee's contribution.
About half of contemporary benefit plans require employees to contribute 6 percent of pretax income to achieve the employer's full match. Most employers contribute a maximum of about 3 percent of pay, although 15 percent of employers contribute 6 percent of the employee's pay, and occasionally even more. Another factor contributing to the general decline in benefits is "job-hopping. But since most employers won't vest employees for six months to a year and, according to CNN Money, the average college grad switches jobs four times before the age of 32, job hopping might be another factor shrinking employee benefits and increasing corporate profits.
The situation for public-sector employees is quite different. Retirees in the public sector generally have generous defined-benefit retirement plans similar to the pre era in private employment.
Due to minimal federal regulations on the matter, U.S. employers have some flexibility when deciding what employee benefits to offer their part-time workers. However, employers should ensure they understand and comply with applicable state and local regulations. Accepting part-time work can sometimes provide a way for an individual to get his foot in the door, so to speak, when there is no full-time position available. The question for the individual to consider then is the importance of working in his desired field as opposed to the importance of having a full-time income. Jun 29, · Part-time workers have not enjoyed the same benefits as full-time workers. In , only 37 percent of part-time workers enjoyed retirement benefits. Part-time workers had similarly reduced health, holiday, sick-leave and vacation benefits.