Machinery Lubrication magazine published by Noria Corporation
Issue link: http://www.e-digitaleditions.com/i/388231
12 September - October 2014 | www.machinerylubrication.com COVER STORY What other benefits do you receive besides an annual salary? Health insurance: 93% 401(k): 89% Profit sharing: 39% Increase: 68% Decrease: 1% Stay the same: 31% How do you expect your salary to change in the next year? YES Do you believe you are compensated fairly? 74% No 26% : : he aging of the U.S. workforce is becoming more evident with each passing year, as more than 21 percent of survey participants are now older than 60 years of age, which is an increase of almost 10 percent from just three years ago. More than one-third of workers are between 50 and 59 years of age, with the average age jumping to 50. Meanwhile, the number of respondents younger than 40 has fallen to just 23 percent. The most notable change in salary was seen from age 20 to 30 when an increase of more than 25 percent occurred. However, salaries quickly leveled off after age 30 and rose only slightly until reaching retirement age. T 6% 17% 21% 35% 21% 20-29 30-39 40-49 50-59 Over 60 What is your age? What is your age? The youngest survey participant was 22, and the oldest was 78. $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 20-29 30-39 40-49 50-59 Over 60 Salary For Age Group $57,147 $77,605 $77,509 $81,929 $83,169 Age and Average Salary The average salary for men was $79,500, while the women's average salary was $62,000. Are you male or female? TIME TO REPLACE RETIRInG WORKERS? ust as in previous years, location was a major factor in compensation rates. The Northeast once again recorded the highest average salary by region at $86,742. However, most respondents live in the Midwest, Southeast or Southwest regions where salaries were lower. J LOCATIOn, LOCATIOn, LOCATIOn In what state do you live? Texas and Ohio were the states with the most responses. $65,000 $70,000 $75,000 $80,000 $85,000 $90,000 Midwest Southeast Southwest Northeast Northwest Average Salary by Region $79,120 $86,742 $85,878 $77,996 $72,854