Black History Month: Report highlights retirement (in)security for black, Latino workers

For Immediate Release: Feb. 21, 2012

Contact: Jerry Jimenez (408) 678-3391

SALINAS, Calif. – February is Black History Month and a new report from the University of California Berkeley’s Labor Center reveals minority workers are more likely to live in poverty as retirees. SEIU Local 521 members are urging community leaders to address the need for retirement security for all workers.

The report “Black and Latino Retirement (In)Security” finds that black and Latino seniors face even tougher times in retirement than American seniors as a whole.

The report’s main findings include:

• Poverty rates are twice as high among black and Latino seniors compared to the U.S. population as a whole

• Less than half of black workers are covered by an employer sponsored retirement plan, a critical resource in ensuring adequate retirement income

• Among retirees age 60 and older, minorities are disproportionately likely to be low income

“Despite decades of gains, black and Latino families are still grappling with the challenges of having a secure retirement,” said Ben Franklin, Monterey County Chapter President. “But this is an issue for everyone, regardless of race. All workers should have retirement security after decades of hard work and sacrifice.”

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